Joel

I might add the following:  If you really want to  learn a subject, prepare to teach it to others.

Well, I just received my final acceptance from the IRS for my last return on extension.  I am officially retired.  I started preparing taxes in the '80s with H&R Block, bought a franchise in 1991 then sold it in 1997 after doubling the business.  Started doing some returns for friends and investment clients using ATX (with the bunny hop) making only house calls.  I joined this community after ATX dropped the previous version. I am thankful for the advice and assistance I have received from various members over the years.  I will continue to lurk on the forum in the future.

Good Bye and thanks to all.

Joel

I still have my first tax return from 1955.

My preference is Tennessee Sipping Whiskey or Yukon Jack!

Did you try linking to Sch E?

One day when I was feeling blue, someone said to me, "Cheer up, things could be worse!"

So I cheered up,

and sure enough,

things did get worse!

Best Software was the tax program H&R Block purchased in the early 1990's and converted it to their own program for 1040 returns.  For a while they used ATX for the business returns in their premium offices. It became available for the franchise owners to use in their offices.

I purchased and used the Best Software for my Block franchise office the year before Block purchased the rights to the program.

I continue to sort dividends and interest for Schedule B.  It is done on the div or int input screens.

There are two camera apps that are useful instead of only taking and e-mailing a picture.  They are Genius Scan and CamScanner.  The apps are available for both android and apple.  The user takes a picture with a smart phone and the app convert it to pdf format and files it in a folder.  Several scans can be added to the folder then the entire folder can be e-mailed to the preparer.  

Thanks for all the comments.  I have rethought the subject and agree it probably is not QBI.

Does land rental (not farm land rental) received by a general partner in a limited partnership qualify as QBI income? I think so, but would appreciate verification before I question the preparer of the K-1 as the partnership did not report the amounts as QBI 

In our forum bio we have been asked to indicate our resident state. So why not add a field to indicate the software we are using? Too many times I see answers that do not seem to fit with ATX that I am using.

QCD can be made for any amount up to $100,000.00.  The RMD amount of the total for the year does not reduced your taxable income.   That amount is just not received by the donor thus taxable income would be less by the RMD amount.  The donor can not receive the QCD before it goes to the charity.  It must be sent directly to the charity.

Terry,

I just went to IRS.GOV and typed 'ponzi' in the search panel. There are 13 articles for your review.  I have filed a few returns that included the ponzi deduction usually taking the 95% deduction unless the taxpayer had previously elected to be included in a class action suite.

I disagree.  The person creating the K-1 has to indicate to the partner/shareholder/REIT owner how much of the income generated is from QBI sources.  It is reported on the K-1 on lines 20/17/14 (I am not sure of the exact line numbers) to be input onto the K-1 worksheet of the final personal tax return.  When preparing the personal tax return we must include all forms of QBI, including Schedule C (if any), to determine the final amount of QBI, subject to taxable income limitations.

Just renewed my PTIN.  Six digits starting with 1. I guess in my old age I was slow to apply for the PTIN.

I guess I am the Pack Rat of all Pack Rats.  I still have my 1955 tax return.

Years ago, while in the Coast Guard, in November, the ship I was Communications Officer of received a 6 month supply of a brand new form for a monthly report to headquarters. In April the following year I ordered a replacement supply of the forms.  The reply from headquarters was "In November we sent you a six months supply of this new form.  Why are you ordering more in April?"

(In essence: 6 months ago we sent you a 6 month supply. Why do you want more?) 

I realize that someone never read what they sent as a reply.

Joel

14 hours ago, Catherine said:

Isn't that the standard joke?  The two-line tax return: 

1. What did you make last year? 
2. Send it in!

To really get a good laugh add the following:   3.  What we don't need we will send back.

18 hours ago, Pacun said:

My understanding of a wash sale is that you sell stock and then your replace it with a similar one.

Pacun, a wash sale occurs when you sell a stock at a loss and repurchase it within 30 days + or - 

If you replace the stock with a similar one after a loss the loss is allowed and the basis of the similar stock is its purchase price.

The parents could use the funds for adult education for themselves and not pay the penalty.

As for me, any temperature below my age is COLD!!!

Quote

That said, don't be so quick to dismiss the esoteric things you have to learn as never usable and a waste of time.  Someday, somewhere a situation will come up where something still stored in a brain cell will emerge and tell you there is some sort of reg or pub that addresses it.  You won't remember the details, just that guidance is out there, so you will go and look it up.  Paying medical expenses for nondependents?  Optional method of calculating SE tax?  How about recapturing depreciation claimed under ACRS?  It may in fact come up.  And just maybe the fact that EAs have the ability to learn all this stuff and pass the horrid exam does give the credential some sheen.

•  

I so agree.  I always have felt that education is knowing the right book or website to look up the answer.  We cannot remember everything!

Deb, You missed the third line "3. What we don't need, we will send back!

 " A bit like knowing someone is OCD and making all your pictures crooked before they visit "

But if someone was truly OCD he/she would be CDO!!!