Marie

I am a MO tax preparer. Since MO starts out with the Fed AGI there has never been a deduction for health insurance in MO. Starting with 2007 tax returns we now have the deduction/subtraction from the Fed 1040 Sch-A.

Quote from MO website under whats new:

>>New Health Insurance Premium Subtraction

Individuals may subtract from their federal adjusted gross income, qualified health insurance premiums, to the extent their premiums paid were not reimbursed by their employer, or excluded from their federal taxable income.<<

I know about the deduction, but when you put the figures on fed Sch A , health ins and long term ins in the applicable lines, the LT goes onto the MO worksheet along with the health ins, which if you don't take out, gets deducted twice. Once with the health ins deduction on line 4 and then again on line 17. The software automaticallly puts LT on that line, too. I've taken out long term so it doesn't add to the subtraction on line 4. Is that correct?

Would like to discuss the MO-A to see if you think software is correct or if you are correcting all health ins prem.

Software takes the total of Sch A health ins premiums (which includes LT premiums) and adds them to the worksheet on MO-A. Then software takes the LT care premiums and subtracts them on a line later in the form. I've taken out the LT from the worksheet. Is this correct? Otherwise TP gets deduction twice. Any one else notice this? But on another note, I called MO dept of revenue, and a self employed person can deduct the insurance premiums and get the SE health ins Credit, which looks like twice, too, but she told me it was allowable.

Can a MO Partnership return be efiled to Missouri. When I create only the Federal comes up. Any experience out there?

Software says I can't efile because of UPE reducing SE income from ptshp return. I did last year. What changed, and can I fix some how to get it to go? Any suggestions??

Software says I can't efile because of UPE reducing SE income from ptshp return. I did last year. What changed, and can I fix some how to get it to go? Any suggestions??

Client purchased qualified heat pump for credit, cost $3050. Is this a $300 credit? I'm having problems getting it on the form and making it work. Any hints to what I might not be filling in right?

THANKS!!!

I always piggyback the state with the biggest refund. I hold the other state until the fed is accepted.

Do you mark all three to transmit at the same time, or can you just transmit the state only after the federal and state piggyback are accepted? What's the point of doing a "held"? Just so you don't make a mistake of transmitting until you're ready?

I'm efiling two states. Program ask me if I want to hold the state only return. What is the best way to do? Do you mark and transmit Fed and Ks and MO marked hold? or do you only transmit Fed and KS, wait to be accepted and then transmit MO? I don't know in what order or how do this? Please help. Thanks

Client's W-2 has this number with an amount listed in box 14. Wages have been reduced by this amount. Does this qualify for the retirement credit?

Client withdrew from IRA, #1 distribution code, only 1 1099. How do I get the "no" to print on line 60. I don't think there is any reason to file 5329, as the instructions read. But how do I get the software to do the "no". I'm sure there is something I didn't mark right, but can't figure it out. Thanks for any help

What is the process to efile a LLC filing as a partnership? Have not efiled ptship or corp before. WHen I clicked on added forms needed the 1065 efile form did not come up, said to check CD. Also last year I rec'd an 06 user's book. Can't find my 07, have I misplaced or did I get one? Don't remember, does anyone else have one and did it come with the CD or did you have to request it?

I've not efiled two states with a federal before. I always would just piggyback one and mail the other one. So I want to know if what I'm doing is correct. When I want to efile two states, I pick one as piggyback and one as state only. I fill in all efile info sheets. Do all the federal forms follow the "state only" also. Paper filing in two states mean so many extra copies of everything, and sometimes everything doesn't get posted. Last year in MO was notorious for this. Basically my question, doing two states as easy as doing one? And is there anything extra I have to do? Thanks

On the MO-A, pension exemption, my software is not filling in the numbers. The last return I did, didn't need the pension exemption, but last year it was filled in anyway. Is that the reason? or do I have to manually put in adjusted grosse income, retirement and social security figures every time? Has anyone done enough returns to tell me what's working and what's not. Thanks

Sorry, 0% rate not starting until 2008, but generally the question still the same. How to estimate LT gains in 07 and 08.

I want to estimate for clients a ball park figure when they are selling LT capital gains. I run the numbers on a duplicate return ( not changing the deprec), but what can I do about the tax liability. Do I take the tax and subtract the 5% amount from the total tax liability? Isn't that the 0% this year (2007)? I'm trying to figure out approx how much more tax he will pay taking it all in one year as opposed to two years (installment sale). For 2008, isn't the 5% rate 0% also. It looks as though he will save the amount in the 5% bracket twice running it as an installment sale. Does anyone have a good way of doing this? Any help appreciated.

Thanks