Marie

Client has both MO and KY income. He has moved to KY so I'm filing as part year resident. I have filled out the KY part year resident form and he is getting a refund, but when I do the efile form for KY it says he owes nothing and getting no refund, and when I create the efile, KY does not come up as a state. What form am I missing, or what box might I have failed to X or whatever. Any help would be appreciated. I guess I could paper file KY, but efiling would be easier.

Is there a way in the ATX software to find returns with a specific form. I want to look at all my returns with Sch F's. Is this possible?

Do we have to use the new tables? It's only to get money in the taxpayer's pocket and if they don't care or still want the same taken out as before, is that allright?

Efiled fed and first state went thru fine, now I want to send the second state. In the efile section, on the second state, it shows the refund, but not whether TP is getting direct deposit or paper check. I went back and checked the efile form and I have it direct deposited, but it doesn't show up on the efile side. Is it all right, or do I need to fix something. I don't want that refund drifting around out there some where. The bad part it is a KS refund and I hear they aren't coming out, but I want to send it to the right place when it does.

This year some of my dairy farmers are getting a domestic deduction from their dairy coops. Form instructions say that to be entitled to the coop deduction under these circumstances, the dairy farmer does not have to have employees. Do I have to fill in the income and deductions attributable to the dairy farm too. I've put the deduction on the form (it's down toward the bottom) and it flows to the 1040. I just want to do it right.

I'm back in the office. There was some gain on the goodwill. 86% of the payment went to that part of the installment sale. We reported as income on 6252 and flowed to Sch d. I assumed goodwill was a committment not to compete against or do business with the businesses that were associated with the buyer (who purchased the equipment)- all the same sale. Now that the buyer has defaulted, isn't the goodwill gone and worth nothing to anyone? I've done and redone the worksheets in Pub 537. If equipment FMV is still $10,000 and we actually received only $630, but reported the $10,000 (because of deprec), would my only taxable gain be $630? If so, how is this reported on the form? Repo'ed property - long term or short term gross sales price?, basis. I was hoping when I woke up this morning I would have a revelation - didn't come.

It's not a corp, client just sold off part of his business in another state. If goodwill isn't worth anything, then there would be no gain, correct? How could goodwill be worth anything back in the hands of the owner? Equipment might be worth a little less than what he received for it. Does that consitute a gain and then we start depreciating it again? It looks like he is paying on the equipment twice to me. Once when he sold it and now again repossessing it.

I understand dividing in two separate sales. But what worksheet do I use for just a personal property repossession? I shouldn't be this complicated, I just can't seem to get it straight in my head.

Installment sale was set up for equip and goodwill. Equipment that has been depreciated has to be reported in year of sale even if all the money was not received. The payments were made in 2007, 14% was equip, the rest goodwill. But I reported 10,000, the full amount, on the equip because is was all ordinary income, so really not an installment sale for equip. Only 86% of the 2007 payment was reported to goodwill. In 2008, 14% of the payment would not be taxable, because already reported on, and 86% would be put on goodwill installment sale. If equipment is still worth $10,000, is that a taxable gain of $10,000? He's already paid tax on that amount last year. I can't find any info to clear this up for me.

Every time I work the repo worksheet, it comes out with a gain of $10,000 on the equipment - using actual figures of money received or figures that we already paid tax on (the full 10,000). How can he have a gain of $10,000 when he paid tax on that amount? If it is a gain, is it taxable? I thought I could put the equipment back into his depreciation schedule and start over since he paid tax on that amount. If the goodwill is not worth anything now, there is no gain, correct? Who would the goodwill be worth to, and what would the FMV be? Please, I need some guidance. Thanks

Client sold equipment and goodwill on installment sale. Because equip was depreciated we reported the whole sale in the first year, $10,000 (as is required, I believe). He only received $630 for equipment. Goodwill was reported on installment. Buyer has defaulted on sale. How is this reported? I've done the worksheets, but come up with $10,000 gain on repossession, and I don't understand why. I put in the amount we received(360), not the amount we reported.(10,000) If I put in amount reported, there would be no gain, but can the client, who is putting the equipment back into his business, depreciate it at FMV? Wouldn't his basis be FMV, and no gain on the sale? Where and how do I report the repo on a form? The goodwill is not worth anything now. The worksheet figues gain and loss on the sale, does that equal taxable gain? I've got Pub 537. but doesn't specifically say what goes where on the forms. Please help

I update every day, and efiled it yesterday, what else should I look for?

I had a return reject because of something to do with the IRA . Is the worksheet not ready for efile and is there a way around it? There is no reason why she can't take the IRA

What is with the additional dropdowns on the ATX assest entry? What have I missed? There are extra farm asset choices. I hadn't look down any farther from what I usually used. When would I use these extra choices?

I was hoping that once I put it on the Sch A, whether TP itemized or not it would add to line 40. Is there not a flow thru on this? I have tried it checking the box, not checking, going to the worksheets. It looks like I have to enter on the stand vs item worksheet either way. Is that right?

I'm having trouble getting the RE taxes to flow to the standard deduction. If I put on the Sch A and they can't itemize, do I have to manually put on the stand vs item worksheet. I thought it might flow automatically like the health insurance does. Am I doing something wrong? When do you check the box on line 39? Before? afterwards? It didn't make anything happen on the standard deduction.

Thanks for the info and the help.

After I bring up and customize the master form, I save it, then close master forms. I went into a return and printed out the detailed depreciation sheet and it looks just like the first one I printed. What did I do wrong? How do I get the new master form into my returns already being worked on?

In response to KC, it is printing landscape and I have eliminated most columns, but the HY and special allow columns I like to leave in, just so I know. Is there a place to go in to make some columns smaller? On the second sheet it is only printing the last column .

Last year I could print out the detailed depreciation sheet, which would show all my assets instead of the statement sheet which just showed depreciating assets. I like having them all, easier next year when the client has sold older assets. BUt anyway, the detailed would print all on one sheet and now it comes out on two sheets - just a column or two on the second sheet. Does anyone know if there is way to change it so I'm not taping sheets together to see the whole row.

My clients' ex does his tax with HRB on line. He does not have custody of his daughter, but says the program won't work when he puts in that she doesn't live with him. So he puts in that she does and it works! I told her that she is eligible for EIC with her even though she doesn't claim her, but if ex puts in she lives with him he gets the EIC if eligible(I don't know AGI) This is what gets me about DIY on line. People do what it takes to make the program work, not what is correct.

Haven't been here for a while, so if I ask something that has been discussed, send me to the topic. I did my first return with EIC today. Last year, I would add the form, and figuring started right away. This year when the form was added, it had the kids name on the form, but no EIC was added to the return. I stumbled around, finally filled out the EIC questions and the numbers appeared. This is different from last year? It used to put the numbers in and I would still answer the due diligence questions after I knew they got it. Anyone else having the same experience?

Client took out a mortgage on land he owned and used the proceeds for his new home. Is that qualified home mortgage deductible on Sch A. Does interest tracing apply to home mortgage?

Vehicle had been used 100% in business. This year it has changed to 60%. When I change on the asset entry form, it shows no deprec because of deprec taken when it was 100% is more that what is allowed at 60%. Don't I get to continue to deprec the value of my vehicle at 60%? How do I make the asset entry tab work correctly or do I just overide and keep pencil records as to amount I have deprec.

I wanted to efile a 1040A stimulus payment. Stimulus was marked, put ss in, wouldn't efile, then put $1 in interest, still wouldn't efile. Finally I just paper filed. What's the problem? software?, Me? Any suggestions?