chadw

I am running TRX 2010 with Windows 7 Ultimate 64bit with no problems at all. I even have many previous years of ATX running with no issues either.

Small not for profit was started in 2010 and was incorporated as a non-profit. However, it was decided that it wasn't going to go after tax exempt status. I assume it is an 1120 form and it has to then pay taxes on any "income" it had during the year. This was the first year and it had not given away all the cash it had been donated. Is this correct? Thanks Chad

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I also use gmail and outlook with no issues at all.

I have a client that moved back to France(country of citizenship) in early June. She is dual status. Is there a way to get the "Dual-Status Return" statement on the top of the 1040NR. Chad

I believe it depends on if the loaner is a qualified financial instituion. It also varies from state to state as well for the interest rates.

I had a student that lost her job and collected unemployment that is now being taxed at her parents rate. Her earned income is not more than 1/2 of her support.

I just checked and I have the same thing. The returns I expected to get deposited today did except for the 1 that had an energy credit.

Client thought he was rolling over a 401k to an IRA. brokerage firm told him it was in an IRA and client thought everything is just fine. Low and behold, in March he recieved a 1099-R with the whole thing taxable. We gave the brokerage firm a call and they fessed up and apologized for the mistake. We have since asked for an extension of the 60 day rollover from the IRS. The firm provided a letter stating it was their error and that they would immediately put the funds in a qualified IRA if granted the extension. In the mean time, we haven't received feedback yet from the IRS and with the 15th tomorrow, there is a large potential that this client will owe a ton of money as this is a large sum of money and he is also subject to the 10% penalty. We are going to file an extension, but do we show the large amount due or the refund (if we are granted an extension to roll over) on the 4868. Client doesn't have the money to pay the tax unless he takes the money from the account. He doesn't want to do that unless he isn't granted the extension. Do we show the lower tax amount on the extension or the larger amount to be safe?

Thank you very much. 35 today. I hope to have many many more. myself, the wife, and 4 kids (7, 4, 2, 7mos) had a great time at the indoor water park today. Fun time. Thanks again Chad

you're exactly right oldjack. I haven't sat down with the clients yet. So their intent of this operation isn't totally clear yet. thanks for the replys and advice

exactly. unless this becomes more of a business and then forced to show as inventory vs. an asset.

they formed an llc to be taxed as a partnership in 2008.

a group of 3 guys set up an llc and bought 2 houses and fixed them up. The houses are currently up for sale on the market. Would the costs associated in "fixing up" the houses be added to the basis' of the houses and held as an asset? chad

Thank you. I thought I was losing my mind. Thanks for a little reassurance

I don't think an explanation is needed. Given the current economic times a loss is not unusual IMO.

The state is NY on the entered W-2. There is no local tax withheld either. The credit is on line 5 of schedule 2 (income tax paid to another state). The credit is apportioned down by the percentage of NY income to MI income. But even then the NY income is being divided by the lower Michigan income because of the subtraction from schedule 1. I may just have to override the system. thanks chad

Yes, for the filer I entered 6/1/08 to 12/31/08. I left the spouse empty as she was a full year resident. For the 3 column portion of the return. column b michigan only has the michigan earned income and column c has only the other state (NY) income. I think everything is entered correctly, but I don't get why there is a credit and a subtraction. I believe there should be a subtraction from schedule 1 but not a credit from schedule 2. I would love to be wrong on this though. Chad

I have a client that moved to michigan in June from NY. After filling out the W-2 information and going to the Michigan return it is doing something I don't think is correct. I am doing a NR form as he is now a part-year resident. He also got married and his wife is a full year resident of Michigan if that makes a difference. He didn't earn income from NY while he was in Michigan also. It is subtracting the $ earned in NY from schedule 1, but it is also calculating a credit on schedule 2. I thought that if you take the subtraction on schedule 1 you don't get the credit on schedule 2. Or am I completely wrong here. If I am not wrong, how do you stop ATX from taking both the credit and the subtraction. I guess maybe I am just confused. Thanks Chad

Chowdahead is exactly right. You shouldn't check any of the boxes in that question. One of the lines before tells you to skip those questions depending. He is also right on that whoever designed this worksheet is an idiot. chad

I agree, I run Vista business and I pretty much never have to reboot except for when the computer updates. I am also not saying that I don't get frustrated with Vista on other issues, but rebooting is not something I have trouble with.

I got my software last week. I also got it again yesterday. I went to my CC company to make sure they didn't charge me twice. Plus the thing is, I didn't even use the disk. I downloaded it off the website.

If an extension was filed with both the husband and wife on the extension, can they still file MFS vs MFJ. I know you can't amend to MFS once you file a return MFJ, but I wasn't sure if the extension locks you into MFJ. Thanks

I also have a laptop with Vista and a laptop with XP. They also share the same things as the previous poster and they also connect to a wireless print server fine as well. I think with Dell you can still get some business systems with XP Pro on them. You have to "buy" a higher end version of Vista and choose the downgrade to XP.

Perfect. Thank you