Joel

Since partnership #1 (with the 12K passive losses) is now closed out, he can deduct the accumulated passive losses against ordinary income. Please excuse the expression "What Difference Does it Make" whether he deducted the 12K against passive income in 2008 or now deducts it against ordinary income. I don't think the tax code requires him to deduct it when there is passive income only allows the deduction.

When they first offered the program I tried it. Not too successful. The program had problems in reading and inserting the sample W-2's furnished with it. I eventually returned it for my money back. Don't know if they have improved it since then. Joel

I SENT MINE IN!!!!!!!!!!!!!

Upon completion of the tax return I discuss every entry on the return with my clients even to the point of showing where the actual numbers originate. For example, with a final K-1 for a partnership, I explain, and show, how the prior unallowed losses on the 8582 flow to the 4797 and the Sch D. Without my prior hand prepared knowledge I don't see how I would be able to completely understand a completed tax return and explain it to my clients. ATX form based program keeps me up to date.

Create a new k-1 entry for the partnership with the word depletion added to the name and then put the depletion amount in box 1 as a negative.

All the other gains were 1045 gains.

Found the answer. (Actually ATX tech support did) Because the property is being sold on an installment sale the line 32 amount of the gain is not reported here but on line 4 of page 1 of the 4797. If it had not been an installment sale, all of the gain would have been reported on line 32. In this case the gain is being held on form 6252 and prorated out based on the payments received each year.

This is the sale of a rental home and an installment sale of a different rental home. Page 2 numbers flow down to the bottom of the form with line 30 amount $10562 and line 31 amount $2517. The instructions for line 32 are to subtract line 31 from line 30. ATX result is $0 when it should be $8045. This number then flows to line 6 on page one since it is not a casualty or theft gain. Will someone check their program for form version and calculations?

On page 2 of the form 4797 line 32 is not calculating. My form version is 92. I deleted the form and then added it back into the return, but with the same results. Is anyone else having this problem?

Thanks. I knew it had to be there somewhere, but seemed to have a brain-fart when I was looking.

I have a Ohio return with need for a Newark City tax form. Newark is not listed in the cities of Ohio on ATX and I cannot find a universal form. Any help would be appreciated.

Yes, but the question is will the IRS match your 'corrected' information to the 1099B received from the brokerage house? Would you not get a nastygram that should have been eliminated by the correct 1099B from the brokerage. I have a 1099B with long term, code D, in which the date is less than a month. I count about 25 of these with the same purchase date. When I questioned my client, he stated that he thought that might be the date his mother died from whom he inherited the stock. This would make sense as that automatically is long term and should have 'inherited' as the purchase date. We are checking with the broker on Tuesday.

Since homes were willed to the child a step up in value(basis) of the homes to the date of death. The estate would have possibly determined the value to determine if an estate tax return was required. Inherited property is long term as stated by Lion. The gain or loss would go on Sch D with the purchase date entered as "inherited".

For several years I had a client receiving a disability pension from his employer, his wife was totally blind and they had an adult handicapped son. I was so pleased to see the expressions on his and her face when I advised them of the amount of their refund because of of the EITC they qualified for.

I had the same problem last week. When I discussed it with support they could not understand the problem. We went to computer sharing and I was showing the problem to them. Sometimes it did the auto fill of the name and sometimes it did not. We could not create the exact circumstances to have it fail all the time. Report it to support to let them know that it is happening in other computers.

Just received a call from my client and he had spoken with an employee at OPM who said that, due to extensive complaints they have decided to mail out the 1099-R the last week in January. He said they did not know what they were planning for next year. Meanwhile my clients temporary password is being sent via US Mail. He could not give out the password over the phone.

One of my clients informed me that they received a letter from the Office of Personnel Management that a 1099-R would not be mailed for 2013. It is necessary to go online to https://www.servicesonline.opm.gov/ . Log in with your claim number and password to print your copy of the 1099-R. My clients do not have an computer and asked me over the phone to enter their info and password. I did and since it has been more that 15 months since they had someone access their account the password has expired and they must call the OPM office to get a temporary password. Has anyone else encountered this?

Yes, go to rollover one return and at the bottom of the page click on the additional items to rollover.

According to the rules for wash sales, a purchase of substantially identical stock within 30 days before of after the sale at a loss creates a 'wash sale'. Purchasing a mutual fund (or stock) on day 1 and selling it on day 10, at a loss, and not purchasing it again within 30 days of day 10 can be construed in the eyes of some brokerage houses to be a wash sale and will report it on the 1099B as such. Now that the brokerage houses are reporting basis to the IRS, I wonder how soon CP notices will be forthcoming requiring the wash losses to be disallowed?

I own a Gear and am very pleased with it. My old cell phone was due for replacement and the old eyes had trouble reading the small screen. Since I upgraded to the Note 3, I said why not go with the Gear. I find it convenient to not have to pull out the cell phone for every email received and especially use the Gear to answer calls. If I am driving and receive a call, only a swipe on the Gear and I am talking to the caller. It is not necessary to hold it near my face and I usually rest my hand on the center consul gear shift lever and talk away. Since this is a discussion about communications I will not get into the advantages of the Note 3 and S pen.

I too would be interested in your evaluation of ATX for 2013. [email protected] Thanks for your interest and efforts. Joel

In verifying the SS # on the tax return the IRS only matches the first 4 letters in the LAST name. In your case a married couple with the same last name will always match when the numbers are reversed.

For my clients that have depletion from their oil/gas partnerships, I create a new k-1 entry with the partnership name + Depletion. Then I enter the amount on line 1 as a negative number.

Do You Care If He Is Good Looking Or NOT??????

If the broker reported the basis on the 1099-B (box A), as is now required for all newer purchases, then furture filing should not be required!