cl2019

Thanks for the comment!

OK, it seem the 1040-es instruction explains it better.

Can anyone help with this? Take 2019 tax year as an example, if I want to figure out 2019 tax year minimum estimated tax amount to avoid penalty, line 8 (Maximum required annual payment based on prior year’s tax) amount should be the amount from line 15 (Total tax) of 2018 1040? 2210 instructions is a bit confusing.

Thank you, Catherine!

I tested drake tax software. It seems that it can not handle foreign capital gain adjustments automatically as ATX does. Does anyone have the experience and would like to comment on this? Is Drake a good option for preparers handling 1116, 5471, 8621 and other foreign related returns? Thank you!

Thank you for the info.

taxpayer has some foreign long term capital gain from sale of private equity investment. He also has US long term capital gain. That all he has for capital gain/loss worldwide. I understand that he needs to adjust the foreign capital gain before inputting it into line 1a of form 1116 but can anyone help check if my following understanding is correct? 1. the foreign capital gain is passive income category 2. the taxpayer's taxable income on 1040 is over $700k, so, the foreign capital gain is supposed to be taxed at 20% rate supposing no special 25%, 28% tax rates apply. Therefore, the foreign capital gain needs to be multiplied by 0.5405 to be input on line 1a of form 1116. If all these are correct, the foreign tax credit calculated is only about 1/4 of the US tax this foreign capital gain generates. Am I missing anything here? Thank you so much!

Thank you. I will search earlier threads!

Thank you, Catherine for the detailed guidance.

Can anyone comment on what options are there for payroll return filing if convert from atx to drake? Atx payroll software is pretty handy I have to say. Does drake have similar soft ware? Or other online services? Thanks

Thank you all for the help!

not sure if this is a relevant topic for this forum. Does anyone have experience changing from ATX Max to Drake. Can I import ATX backup file directly to Drake or is there any guidance on how to convert backup files from ATX to be able to upload/import to Drake? Thank you!

Is there option in ATX software to automatically send emails to clients when efiles are done? Thank you!

Thank you so much for this information!

Thank you for all your responses! very helpful! If a return is efiled before due date but accepted after due date, will it consider a late filing? Also, if the efile is initiated before due date but ends up being rejected after due date, is there any remedy to avoid being considered late? Thank you!