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Dan

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  1. QUESTION: Are you able to start a business with more expenses than the income you receive? Will be completing Schedule C for the client.
  2. Question: Are you required to send in Oklahoma 511-EF when you e-file an Oklahoma return in the ATX program? If so, must the form above be signed? Question: Are you required to send in Form 8879 when you e-file in the ATX program? Also, must the form above be signed?
  3. Dan

    Business Codes

    When I enter 711219 into the business code section for Schedule C in Drake it says your entry is not valid for a business code. Also, that number is not listed in Principal Business or Professional Activity Codes on pages C-18 to C-20 of IRS instructions for Schedule C.
  4. Dan

    Business Codes

    Is the code 711210 instead of 711219
  5. Dan

    Business Codes

    What code would you use for a professional golfer? I used earlier 999999 (unable to classify). This number is no longer listed in the principal business or professional activity codes, now the number is 999000. The client goes to golf tournaments, makes money and has expenses attending these events. Is there something that needs to be done to change this code to another code?
  6. Dan

    2210 Calculation

    Thanks, jkicpa for your information. It worked.
  7. Dan

    2210 Calculation

    Question: I am wondering about what should go in Form 2210 line 8? The Drake program automatically puts in 17,306 but I think it should be less than that. The instructions for line 38 say on page 60. In regard to the exceptions, you won't owe the penalty if your 2021 tax return was for a tax year of 12 full months and either of the following applies. "For most people, the tax shown on your 2021 return is the amount on your 2021 Form 1040, line 24 (17,306) minus what is listed on line 30 (2,800) equals 14,506. So, I would say that the amount that should go on form 2210 line 8 is 14,506. I don't know how to change this in Drake. It is easy in ATX.
  8. Dan

    Problems?

    jkicpa -- Yes you are correct in what you explained how to populate the State estimated tax vouchers, but I was hoping the program would do this for me like ATX and TaxAct does. I quess here you have to figure on your own what you need to put in each State voucher. I took my figures from TaxAct and entered them in the vouchers as you explained, and it worked. Thanks for the info.
  9. Dan

    Problems?

    Deb, I see where you put in the estimated taxes you have already paid in 2022 for Kansas and Oklahoma for each quarter but I don't find where you are able to print out the vouchers for Kansas and Oklahoma that you will use to pay those quarter payments in 2023. The underlined words are my question?
  10. Dan

    Problems?

    Yes, there is a big problem with Drake in regard to 2023 estimated tax vouchers for the States. For example, I can't find them for Kansas and Oklahoma. I see the 1040-ES for Federal but do not see the K-40ES individual estimated income tax vouchers for Kansas or the OW-8-ES individual income tax vouchers for Oklahoma. I would like to know if anyone knows where to find these vouchers for 2023 year? Drake support could not help me. That is a big problem with Drake Software since ATX and TaxAct easy populate these vouchers.
  11. Dan

    2210 (penalty)

    Where is the fill-in-quick-navigate box? How do you find it?
  12. Dan

    2210 (penalty)

    Problem: I probably did not ask my question as I should have. The first quarter estimated tax payment was made on March 25, and the second quarter payment was made on April 1 so both payments would be thus for the first quarter. The next payment was made on June 8 and the fourth quarter payment was made on July 4. If the payments would have been made closer to their due dates, all quarters would have $3607. Catherine-where do you find the options you are talking about or the calculate penalties check box?
  13. Dan

    2210 (penalty)

    Qluestion: How do you get the right penalty computation in Drake Software when you send in the first quarter estimated tax payment on March 25, 2022, and the second quarter estimated tax payment on April 1, 2022? This has to do with line 11 on part III.
  14. Lion EA, thanks for your help.
  15. QUESTION: The client is a golf professional-an employee. All income is reported on a W-2. The golf professional has expenses of teaching others how to golf that he is not reimbursed for. His un-reimbursed expenses are around $11,000. Where can I deduct those un-reimbursed expenses on the tax return? QUESTION: Can I use form 2106 (Employee Business Expenses) in this circumstance? QUESTION: Would the golf professional be the same thing as a qualified performing artist?
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