taxbrewster

And the hits just keep on comin.... Client receives 1099-R for $38k with distribution code G for rollover. However, when the client receives the check, the new financial institution does not allow the check, and client then deposits check into personal account. (why the bank allowed this, not sure) Uses it for personal use. (doesn't contact me at any point) They contact the financial, No new 1099-R will be issued showing that is now is an early distribution (via the company that cut the check) I am curious on how to report this. I can't create my own 1099-R but I am wondering what to do. So it will be reported correctly. Thanks.

sometimes a system maintenance, deleting cookies, look for updates, install new drivers, and a reboot is just what the doctor ordered. usually works for me if i am running slow.

I have seen it before with a company that switched payroll companies mid year...I entered them separate...had no problems..

KC, So, just show the T/P half on the 4797? That is what i am thinking, but it concerns me that there is no 1099c because of the short sale. Should i be concerned? Thanks for the help.

T/P sold rental property this year at a loss. Had been taking 100% write offs and depreciation for the time that it was a rental. However at time of sale 2 1099-S were issued, one to T/P and one to T/P brother because he was on title. It was a SHORT SALE, however, not 1099-C has been issued...should we wait?? Are they going to receive something. Money was used to pay off the mortgage, however T/P brother (he never received any money) is wondering what to do with the 1099-S... Now, do I split the sale on the 4797 only showing T/P portion? Then the brother is requesting documentation for me because he needs to report the sale as well. Let me know if the Wonderful ATX Community needs more info... Dazed and Confused...

Well T/P is married and has 3 kids, so it changes the return a bit, but I got, and thank you very much for your help.

Right, I would take the credit for tax paid (which there was none). Sooo, then question becomes is that income excludable for the state of MI. I am thinking no, because t/p was res of MI and not a part year, correct. Thanks again, for talking me through this.

No, that is the thing. T/P family made 80k, the MA doesn't have a MA source of income. So I am assuming, I complete a MA PR/NR as well as a MI 1040...He would not qualify for a MI part year res because all he did was leave the state to file unemployment.

I have a client who is a res in MI (earned all income in MI). But received 4k in unemployment from MA. (i know the rules are weird, never worked in MA, but files a claim there) I can't for the life of me figure out the following... Should a NR return be filed for MA? I don't think so because it is under 8k for filling requirements. Therefore, it should not be excluded on of MI return correct? Then, it is just added to MI AGI, correct. I don't feel a PY/NR sch would be filed for the MI return. Thanks, it is one of those days, and have not done a MA return before and need a little help. Thanks in advance.

Why, not just add the forms you need as need for what ever states you use...My case. I always install Michigan, then as needed add the additional forms, I never uninstall the program and re-add the states. Basically when you choose a new return and select the return, the program auto downloads what you need.

Agreed, I was holding returns until this was finalized. I thought, if purchased in 2009 you could claim it on 2008 return, that really defeats the purpose of a "stimulus", oh, wait for a year and you can have your $$$.

Yeah, that was my other thought. There are not any other expenses for this t/p, everything is split 50/50 (this time), but I thought, if he had some travel expenses that would automatically split them, when the program should not. SO, I think I am going to redo the sch E, create a spreadsheet, because who knows next year, I will run into the same problem.

Thanks guys, I thought it was the way to go, since we can not input and create calculations on the form. excellent, try to have a good day.

Anyone have an luck with this? ATX support has been no help... I am just wondering if taking 50% on the asset entry form (under business use) will mess anything up down the road. I think it is the correct way because I don't think there is any other way. Thanks again.

I have a new client. Was looking over last years return. T/P has a rental property that splits with Mother. They are both on title and mortgage. Last years SCH E show the total numbers for the rental then in the LN 22 of SCH E has a "X 50.00" , which then splits the loss for the year 50/50... How do I recreate this in ATX?? The only way I have found is in the input tab of sch e is taking the ownership % to 50% and also use 50% of business us on the asset entry form, therefore it shows the correct loss. Is this the correct way to show this? Or does ATX have a override or something that I am missing to divide the total numbers for the year, that illustates he is entitles to half the income, expense, and depreciation? Thanks.

No worries, ATX loves to hide things sometime...

Are you working on the PA 40 correct? Data tab, after you check the non res box, on the right side of the page there is local info? You can choose not a res on dec 31 and then select 99999...are we talking about the same form? Am I totally off?

Either it is an update issue, or sometimes it helps to delete the form and add it back to the return...it has helped me before.

Terry, On the data tab of the PA form there should be a choice for non res in the drop down menu. Then the school dist will be 99999, I believe...

That is a good point, I agree, I try to do any and all homework for a client meeting...saves a lot of time down the road.

It has been ok so far, I wanted to pull the trigger on the bank products this year, but didn't, I guess that was a good call, hearing the stories. Nothing big, program still runs a bit slower that I would like, couple of programming issues, overall things are ok, it is only feb 9th...

I would also check Tax Notes Today article on April 29, 2008, 2008 TNT 83-8 - there are a number of deductions that were not allowed as well as Snead v Comm'r TC Summ. Op. 2008-57 were deductions is limited. Stuff to do with clothing, shooting ranges, gym costs... Make sure they do not have services at work that they choose not to use...

Not missing a thing, that is what we call close but no cigar....

Yep, I agree, it is not a rental, whole another story... personal residence...the roof was returned to it's original status. T/P was just upset that he could not write off the loss because he believes the ice storm was a unexpected event.

Yes, thanks for the links, I have done most of my reading there. I guess, I am trying to let the client down easy, but he says the ice damaged the roof. I would be more open to this if he just replaced the roof, but after 11 years, I believe it is just normal wear and tear. Thanks again.