Jan S

I have a client who brought in a K-1 from a partnership. The type of entity is IRA/SEP/Keogh. It shows a loss of $531 and $20 of interest/dividends. Does this get reported on the tax return? He also took a $1,200 distribution from the IRA.

I bought 5 PRS returns. The first 4 printed out OK. I just finished the 5th return and I can't print it at all. When I tried the PDF print, it came out blank. Any suggestions?

I am in Michigan so I have only e-filed MI returns. Will I be able to e-file the state returns for someone who is part year MI and AZ for 2007? Other than adding the e-file form for AZ is there anything else I need to consider? Thanks. Jan

A long time client of mine retired from Ford (in Michigan) and moved to Ohio on 9/1/07 with his wife. I have read the Ohio instructions and I show that he will owe $806 on his retirement income. Can you tell me if this is correct? His only Ohio income is $18,682 in Ford pension. Here are the Ohio figures. Federal AGI = $167,252 (the client emptied his 401k of $101,000 in addition to his wages). The Michigan portion is $148,750. Personal exemption=$2,900 Line 6 Tax=$7,907 Retirement credit=$200 Line 8 tax=$7,707 Exemption credit=$40 Line 10=$7,667 Line 11=$383 Line 12=$7,284 Line 13=$6,478 148,750/167252 x 7,284 Line 14=$806 Michigan doesn't tax pensions. I guess that Ohio does. When I redid his Ohio return showing only the $18,682 of pension money, he only owes $12. Am I missing something? Thanks for your help. Jan

I have a 1099-Q with the following info: Box 1 - Gross Dist. $1,800 Box 2 - Earnings $178 Box 3 - Basis $1,622 Box 4 - $0 Box 6 - X (the recipient is not the designated beneficiary) There were no education expenses. Do I include $178 or $1800 in income? I know there is a 10% penalty also. The TaxBook implies that only the earnings are taxable.

I will be purchasing 1041s through the PRS system. How many K-1s can you do with a 1041 through ATX? I have a 1041 to do with 30 beneficiaries.