miatax

Just got the signed 8879... Do I need to efile anything in addition to the schedule a to show why sales tax is so high? I don't think so, but I want to be sure.

Thank you Bart :)

Thanks Taxbilly... Also, where in ATX would I add this?

I have a client who purchased a boat in 2008. The client financed the boat. Is the sales tax amount on contract deductible as Schedule A? Since it's financed, I'm not sure when to take the deduction but I think it would qualify in the year of purchase - 2008. If so, is this IN ADDITION to the Sales Tax optional table amount? There is NO state income tax in Florida so we are definitely deducting sales tax (I know that it's one or the other but not both). Thank you.

Form 1116 - The problem is box 7 in ATX. ATX automatically filled information in box 7 in. This year it i snot doing it. Please help.. I don't know if this is a foreign tax credit that can be taken into page 2 of the 1040 or if this is atx that is not including the correct information.

The prior year there was schedule D Cap Gain.. This past year, there was only 1099 Div income which shows Cap Gain Dist of $1,600 total

Re: Form 1116 - Foreign Tax Credit Line 1a - Gross Income from sources within country ...... ATX shows nothing in line 1a... why? Last year, it did.. when I try to cross-reference, it states ' no supporting form'... Foreign tax credit = $520 which shows in part II This results in no credit flowing through to 1040.. am I missing something? Is this correct?

Thank you Bcolleen.. I really wonder how many taxpayers who take the standard every year missed out on this... That's not good...

I never did an amended return and I want to be sure I am doing it right. I did the following: 1) Open the return 2) Choose Amend 3) On the 1040X, I increased the standard deduction by the appropriate amount (maxxed at $500) through the link for item 39c. 4) Do I only need to print 2 pages for the 1040x, have the client sign, and mail?

I have one client that if added in, they would get an additional $140 back. How would I amend electronically? By the way, I do see that there is return checklist, but certain things would just be better if they came up under 'check return' - especially if they are new changes. Correct me if I am wrong, but I don't recall this add'l deduction in 2007.

I don't do many returns and I just found out about this: Do I have to amend the 1040's that took a standard deduction and taxpayers paid real estate taxes? Since these taxpayers normally would never itemize I never asked. ATX should have a checklist if it updates all the time with the most common items that would affect many simple 1040s! I would figure that just like Turbo Tax or Tax Cut, ATX can do the same or better when running the 'check return'for the price we pay!

They are not divorcing. They are just MFS but I will adivse them to go MFJ.

The mortgage only shows him on it. Not sure about the deed.

In prior years, I have explained the difference to them, but they have wanted to keep their records separate. They have CD's together but their checking accounts are not joint. I need to really find out who paid the interest and who paid the taxes. If they both live in the same one property, I don't see why she wouldn't be able to claim the tax payment after confirming she made it, but I may be wrong. I guess as long as one takes the deduction (in other words, the deduction is not duplicated) then it's ok??

1040 - MFS - I have a repeat client and most years they split the taxes & home interest in half and reflected that way on the 1040s. In 2007 he paid taxes & interest so accordingly he took the deductions. In 2008 what if she paid for the taxes and he paid all the interest? Is this acceptable and would it raise any red flags? The property is under his name alone so the 1098 is directed to him. Let me know. Thanks.

Thanks David & KC for the feedback! I think he's out of luck.

David, They are going through court now regarding custody, and it's a cat fight between them. They don't speak so she wouldn't even think of giving him the signed document so he can take the exemption. She already took it anyway.. I just don't know if there is a way to dispute that with IRS since she already filed.

Custody issue... Married Filing Separate in 2007 as well as in 2008. Wife caught cheating. Husband (my client) is entitled to 1 of the children but she already took both of them as dependents for 2008. Is there a way to re-claim 1 of the children? Won't IRS automatically disallow since she already filed?

Thank you.

Thank you guys!!

Thank you.. Also, I've had efile message ' transmitted to efc' since last night. I'm getting a little nervous as I just efiled an 1120 but I'm scared it may reject for some dumb reason and I don't want the return to be late... should i e-file an extension just in case? Even my extensions have not been accepted yet.....

The company had business in 2007 - the first year and the 1120S was filed. It's only in 2008 that there was no activity. There are no assets either...

How long should 'transmitted to EFC' show up for? I filed extensions yesterday. I am getting a little nervous...

Hi: Do I need to file zero 1120s if there was no activity for 2008? Client doesn't have money and I wouldn't feel right charging for a zero return. What should I do? Thank you.

Thank you.