kcjenkins

The IRS will start accepting e-filed returns with Form 5405, the First Time Homebuyer Credit claiming the new $8,000 credit for homes purchased during 2009, beginning with the 6 p.m. drain on March 30, 2009. You can also paper file these returns. Returns that have already been filed with Form 5405 claiming the $7,500 credit for homes purchased in 2009 must be amended in order for the taxpayer to receive the additional $500 credit.

Wish I could take credit for making it, but all I did was tell you how to FIND it, Lion. Eric made it for us. And Happy Birthday to you, Margaret. I am so busy now that I don't always get to everyone's on-line 'Party', but I do wish you a very :bday:

And since Roth distributions are non-taxable, unless they are 'early' distributions, it's probably not taxable at all. It sounds like an adjustment to give back an overpayment, and since Roth contributions are not deductible, a refund on them should not be taxable, either. Which is probably why they got no 1099R.

Actually, I believe the program is putting it where the IRS wants it. I don't really understand why, but I've never bothered to move it, and never had any problem with it. I try not to expect logic or consistency from the IRS, it's less stressful that way.

Open the personal return. Then, go to the Returns menu [first one on the left], when that drops down you will see, about in the middle "Import K-1 Data". Click on that, it will then find any and all K-1s for the t/p in that 1040. Put a check mark by them, click on the button at the bottom of that screen that says Import the marked K-1s. Then go to the K-1 input sheet and check that all came in as it should. The only 'adjustment' I have needed to make was when a K-1 had both ordinary and rental income or loss. The import puts both in the same column, while the program wants them in separate columns. So I just move the rental to another column, and I am good to go.

Do you put the taxable amount in box 2?

It is the result of that nasty old Bush Tax Cut, don't you know? Funny that so far, among my clients, the only two who have gotten the full zero effect have been Democrats !!!! Go figure!

The §24 wording on who is eligible for the Child Tax Credit says: "No credit shall be allowed under this section to a taxpayer with respect to any qualifying child unless the taxpayer includes the name and taxpayer identification number of such qualifying child on the return of tax for the taxable year. " Does the child have an identifying number?

Well, if it makes you feel better, the way the National Guard does the same thing is to issue a W-2, with the $1000 in Box 1 only. Which is the right way to do it, because it is taxable but not subject to payroll taxes. To avoid a CP2000 IYou could put it into a Sch C-EZ, then take it back out on the Expense line, then enter on Line 21. Or just put in the 1099Misc, but check the box on it to send it to line 7.

No thank you, I don't drink Vodka. :scratch_head:

Add the 6198.

You are not dreaming, and I bet those clients will be as happy this year as they were disgusted back when they had those big AMT hits!

Yes, it gets efiled if it is in the return when the efile is created.

Logically, if they agree you could allocate. But most common is for the one who actually PAID the taxes to take the deduction. And it's usually one or the other, olthough sometimes they do split it.

Actually, it depends on how you treated the investment when Enron went down. If he has written off his full investment as a loss, then all the recovery is taxable now. But if he did not take the loss, because he expected some recovery, then this would be reported as a sale on Sch D, against his basis in the stock.

You could also, on your desktop, click 'Support', 'Customer Service Utilities', 'Synchronize Efile info with ATX'. That is what I would do first, actually. Then I'd do ''Receive Acks'.

Sounds like he could deduct this as long as he had the Sch C income. It is medical insurance, and he pays it, right?

Whether he is "entitled" or not is not a matter of fairness, it's a matter of law. Whoever the child LIVES WITH for more than half the year is the one who is legally 'entitled' to the exemption. Unless he has a signed 8332, and even if he does, if she had the physical custody, then she can 'revoke' the 8332. Good luck, if he did have physical custody, because I've found the IRS to have a serious bias against custodial Dads, if the mother claims the kid. I hope if he has the custody, he has good proof of where the kid actually lived. Many school records, for example, don't really have enough to prove it one way or the other, and Doctor's records often have both addresses and names, etc.

File her a paper return, MFS, and put "REFUSED" in the place for his SSN. DO NOT file a joint return with him, that will just open her up to his problems, even if you file the injured spouse form. Then send her to a lawyer, and suggest that she consider asking for an annulment based on 'fraud'. It's entirely possible that she can get one, and then you can amend her return to 'single'. But don't file her that way until she gets the marriage annulled.

He's perfectly adorable.

Why should we answer when you were doing such a good job, Joel? ;~) Seriously, tho, it's hard to find time to read a few posts right now. Getting badly backed up.

In AR, I open one, then add tabs for each quarter. Therefore I have one file that has the whole year's returns in it.

It is farming income, and it would be subject to SE. but unless it is a very large amount it should have no effect on his SS income.

I'll certainly be praying for her and for you, because I know how much this group's prayers helped me get through the last year.

The only thing I've had any problem with, not really a problem, but if you have both normal income or loss, and rental income or loss, it puts them both in the same column. So you then need to go put the rental income/loss in a second column, in the K-1 Input sheet. And this will then appear to the program as a 'change' in the K-1, so if you know you have not gone back and changed the 1065 or 1120S, ignore it when it asks if you want to update due to the change, or you will end up with the rental in two columns. I'm not sure, David, but reading your post it sounds to me like you are trying to do the import while in the 1120S. You don't do it there. Just complete the 1120S just as you always do. Then close it, and open the shareholder's return. Now, in the shareholder's return, go to the menu and pick 'Import K-1 Data'. It will find every K-1 that you have prepared for that shareholder. I just did three 1065s that all had one common partner, then opened his return, and it pulled in all three K-1's for me. I LOVE IT.