grandmabee

How to enter in ATX fixed assets.  I have a rental from 1978 using 125 DB method.

Still has a balance of basis I assume savage value but can't figure out how to enter in fixed assets.

I thought it was that way for several years since the 1099-k's came into play.  Otherwise it would be reported twice

Where do I find the input to have the schedule K-2 and 3 calculated?

ATX still doesn't allow efiling of these returns???  I thought they were going to fix this.

On 8/17/2022 at 7:38 AM, schirallicpa said:

I file a bunch of late 1099s.  Especially since I asked them back in January - do you need any 1099s prepared, and they say "no".  Then in the midst of July tax prep - there she be - the contractor or self-rental or other NEC that needs filed.  So I file it.  I'm not the one that's going to be in the wrong!

I also file them late.  I have never received a penalty from IRS or Oregon state for a late one.  Maybe in the future they will start assessing the penalty but it is correct to file them late or not.  Plus I am hoping the client will start bringing them in January.

19 hours ago, cbslee said:

This is why I posted about potential identity theft

But she got the money.... I could see if she received the letter and no check.  Why would identity theft send the money to the correct person holding the SSN.

I have an Oregon estate.  The beneficiary is CA resident and the Personal rep of the estate is also a CA resident.

No source income from CA.  Only income is from sale of property in the state of WA sale of some assets from the estate.( cars, guns, etc.)

Am I reading this correctly that I still have to file the CA 541 because of the Personal rep and beneficiary is CA residents?   TIA

Can I e-file a 2019 1040X if I didn't do the original return through ATX?

So is there 4 units?

Yes,  You  enter them as expense then amortize the balance.  I think the instructions say enter them in the expense they go to IE:  office supplies, advertising. etc.

22 hours ago, jklcpa said:

The person that paid $1,500 back in 2010 has died and family member who inherited the basket is the donor. Basis in the basket is FMV at DOD.

I guess I misread it.  "TP eventually sold basket to a family in 2010 for $1500.00. TP passed away. "

Donation = lower of cost or FMV ?  they paid 1500.00  How can you go any higher than that?

On the form 8962 for a shared policy.  My client received 2 1095-A for 2021.  One for herself and one for her partner.

She works her partner does not.  I add both forms in column A,B  & C to put on form 8962.

I then get to allocate in part 4.  Both policy's are listed and I then choose how to allocate.  I was going to allocate all by 50% but then started thinking.  Do I allocate my clients?  shouldn't she be 100% and the other policy 0% or I think I read I can allocate any way I want to.

Any feedback would be appreciated.  TIA

I agree,  S-corp is still going, shareholder is who died.

BUT remember,  she has to take out the missing RMD including the earnings on that part of it. NOW plus current 2022 before end of year.

I know , just wondered if anyone had experience with it.  I made him mail the checks.

Does it have to be a personal account or can it be a business account that the money to be taken out of?

I have never used a business account on a 1040 return.  It have the business name.

I only feel guilty about the returns that are my fault they are not done.  Got out of order on returns coming in.  Now I am scrambling.

No,  I think he means the opposite.

After more research I think you are correct and I will change my thinking.

yes, interest tracing.

My first one.  box 1 distribution 40,000 box 2 earnings 15,000.  box 3 basis 25000

spent  8,000 on tuition.  I figure 40,000 - 8,000 (tuition) - 25,000 (basis) = taxable of 7,000 and also subject to 10% penalty.  Goes on line schedule 1 line 8.  Am I figuring this correctly?  TIA

Asking for a friend.  Where in Lacert do you put the PPP loan forgiveness in tax program.  I know ATX is under elections but she can't find it on her program.  TIA

I liked it when they had the C-EZ for cases like these.

Good to know,  but we were able to track down the closed business and get the number.

I also didn't see where that passed.