Joel

According to the ATX website under free conversions, Lacerte is listed for conversion.

Lloyd If you purchase W7 Pro you will have the ability to run old programs in "XP mode" for those old ATX programs you need.

taxbilly, In 2009 the deduction for RE taxes is on the new form Schedule L. That is why there is no line to add the taxes. When you add the tax planner to an existing return (with the extra $1000 for taxes on their 2008 return) I ma guessing that the program uses that figure for calculating the 2009 standard deduction. This is an assumption that the Schedule L will be used for RE taxes in 2009.

Thanks to everyone for their greetings. May I also wish a happy birthday to all of the other September birthers. I have noted this month that there have been far more birthdays reported than other months. I wonder what the reason might be. Could it have something to do with the holiday season the prior year?

After posting my earlier reply I also received the call from CCH advising me that they would be furnishing the ATX support for TRX. She verified my e-fin number, name and address and asked if I would be offering Bank products. She gave me my customer number (it is the same number that TRX told me earlier in the week) and advised that the software would be shipped about the end of November and if I had any support questions to call 800-638-8291 for support during the tax season. Last week TRX sent me a complete copy of the 2008 program and I was having problems updating. I had tried all of the normal things done in prior years and was not successful. When I called TRX last week they tried to help me but that was when they advised that their contract with ATX included support. While I had the CCH woman on the phone, I told her of my update problems. When she was finished she transferred me to technical support and after two different techs working we solved the problem. It was associated with Vista and the program that verifies that you want to start an executable problem. It seems that during the install of ATX part of the program was put into a ghost file by Vista and ATX could not find the ability to update. (My simplification of a complex explanation to me by the 2nd tech). Once that part of Vista was disabled and the missing part found updates worked normally. Excellent service by ATX.

Wendy, I was told by TRX support that their contract for ATX for 2009 was for ATX to furnish the support. That would explain the call you received from CCH.

schirallicpa I guess I am confused. My understanding is that one uses the form 1045 to carry back the NOL.

I recently had need to send copies of 3 years of tax returns for a client of mine. Because of the number of pages involved I thought it easier to send pdf copies of the returns. In discussion with the person to whom I was to send the returns he advised me that state law (New Jersey) does not allow the receipt of tax returns by e-mail. I decided to make a disk and send that to them, so my problem is solved. The question I have is that I remember the discussion of using pdf copies of tax returns on this site. I remember that someone had used encryption to send their returns and if they had ever run into this problem with New Jersey? Also would be interested in the encryption program used for future use.

David, If the date acquired is before the date sold it is not a short sale!!!! It may be a a short term gain or loss because the duration was less than one year, but it is a regular stock sale. I believe the broker statement reported the sales as short term not short sales.

It was done in 1986 for tax years starting 1987 I believe.

A first year and last year return have to be filed. Otherwise nothing!

Also don't forget that if an IRA is inherited the distributions would be taxable to the beneficiary.

I operate a small practice as the only preparer. Last year I switched from ATX to TRX primarily for the lower program cost. I was not totally satisfied with the Tax Works program for 2008 (and I believe TRX also was not satisfied) but never had a problem with getting tech support for the few questions I had. When I had a tax question, I was referred to a tax specialist who promptly gave me the answer. I have been completely satisfied with TRX and in early April renewed again but this time for TRX-ATX as after 5 years using the program before switching I am used to working with ATX. I am looking forward to a good tax season next year.

KC Do you mean non activity income or just income to the S Corp? Since the final K-1 was issued there will be no future S Corp income.

My first response would be that there is an error on the k-1. However the investor has the option when purchasing the O&G partnership to be treated as a limited partner from the beginning. If this was their choice then the only result is to have the passive loss rules apply suspending the loss until they have suitable income to be offset by the accumulated losses. Need to have your client look at their copies of the investment papers.

Taxpayers have been owners in a S corp for several years. Losses have been that they reached their "At-Risk Limitation" a few years ago. The losses have been recorded each year on form 6198. The corp finally went out of business and they received their final k-1s. My question is how to handle all the losses which now total $39,000. If it was a passive loss the 8582 would allow the losses, but with at-risk I don't know. Any help or suggestions?

In the first year of investment in a oil & gas partnership the partners are general partners. Therefore the IDC can be deducted in the year of investment if desired or amortized over 60 months from the date of investment. In the second year most partnerships automatically change the partners to limited partners and the passive loss rules would then apply.

I think we are limited to one rollover per year.

George, The unused capital loss is carried over to 2009. On sch D check the lower left of the screen for the list of worksheets. It should be there.

RCooper, But they did get the 600 dollars last summer so now they have to pay back 548 of it!!!!

KC, Even a further thought had they not received the advance stimulus of 600 dollars last year, they would now receive a refund of 52 dollars and the tax liability of 548 dollars would be paid.

KC That is true, but if their tax liability this year was over 1200 dollars then they would get 600 dollars stimulus (to total the 1200 allowed a couple) and owe the remainder. Those of us who got 1200 last year kept the 1200. This couple got to keep 52 dollars of stimulus!!!!! They should have received a total stimulus of 548!!! This is just logic NOT IRS thinking, as I know working thru the worksheet the 52 dollars is correct.

samingeorgia Since the payments made last summer were an advance of a refund on the 2008 taxes, I would not have expected the taxpayer to have to repay the advance refund. I would have expected the worksheet to allow for the 600 dollars in the calculation of this years taxes.

Just a further update. According to the instructions for line 70 However, you do not qualify for this credit if all of the following apply. • You received an economic stimulus payment of $300 ($600 if married filing jointly for 2007) before any offset (see Refund Offset on page 63), • Your 2008 tax on Form 1040, line 46, is $300 or less ($600 or less if married filing jointly for 2008), • Your 2008 filing status is the same as your 2007 filing status, • You do not have any qualifying children.

I just ran into an odd situation. I have a client MFJ who in 2007 did not have any taxable income but did have SS benefits so they received a stimulus check in July of 600 dollars. I checked the IRS website and yes they did get the check and they say they received it. Now to 2008 tax return. Taxable income results in 548 dollars total tax. Nothing was withheld and no estimated payments. Working thru the recovery rebate credit worksheet they are entitled to a rebate of 600 dollars which they have received and nothing goes to line 70 on the 1040. Therefor they owe 548 dollars which is a repayment of most of the 600 dollars they received in July. Something seems wrong. Has anyone else come across this?