Catherine

Thinking. That's the key word. Very few people actually do it at all. And very few of those who attempt it can do it clearly, concisely, or logically. That's why. Catherine

It's also more compressed this year. All those late 1099's from investment houses delayed my early birds significantly. So the "lull" (relatively speaking) between the early birds and the later-comers was about an hour and a half this year. Last year it was about three days; I got a lot of crap cleared away to make room for smoother operations on the second onslaught. Not this year; it's pile on stack on heap. It'll be fun to excavate starting 16 April. Catherine

We're in the FAFSA boat this year, too. And they want preliminary information by mid-February, so I also get a slew of early draft returns every year. However, for years I've done as Tom does -- our return first, as a test of/acclimation to the software before the season gets underway. Catherine

Anyone else run into this? Or am I the lucky one? I just got a letter from the IRS on our own taxes. They claim they adjusted the recovery rebate credit amount because AGI exceeded $150K. But their own figures on the letter show that the AGI is less than $150K. For a client, I would send a letter and include a copy of their letter with the under-$150K amount highlighted, plus a copy of the recovery rebate credit worksheet, and politely request that they fix their error and pay the remaining credit amount forthwith. But if others have seen this and the IRS is catching their own mistakes, perhaps I should hold off a bit. Comments? Thanks, Catherine

Thanks (yet again) KC. I may do that. Catherine

Then I guess it has to wait for a version that doesn't say "DRAFT". Thanks. In all the "e-file anything that moves!" pressure, sometimes I forget there are still things that are paper only.

But can the 1045 be e-filed yet? The screen _still_ says "DRAFT" all over it.

Right in plain sight is _always_ the best place to hide. Used to hide the kids' Christmas presents right in the living room -- under the mending. They never, ever noticed. I've found time and again that if I ask _where_ to find something, it then jumps _out_ of hiding at me. But not until I post the question!

Prior preparer accrued over $26K in disallowed losses from several prior years -- do I need to go back and amend as many as are open, then? Catherine

But the loss for this year was only partially allowed, so how can I take three times that amount as a deduction this year?

THANK YOU! I went round and round on the 8582 and never saw that line on the Sch E input.

New client has prior-year suspended losses from rental property for form 8582. I CANNOT find how to enter this amount. There are about a gazillion different places where prior-year suspended losses are mentioned. So far as I can tell, ALL of them are "calculated fields" or "overriding this will delete contents" fields that won't accept the date, and following the jump-to bunny eventually brings me past a dozen other places that will NOT accept the number, finally ending up back where I started!! Help, please. Catherine

I have had this problem when I start with a resident (or non-resident, or part-year) return and then switch to the other. The letter is linked to the now-deleted form and so shows NOTHING. What works for me is to delete the letter and then re-install it from the Forms menu with the return open. Then I get proper instructions. Hope this helps. Catherine

No where else. I just wanted to be sure that I was doing this right; duplicate the W-2 info on the 2441, then put the withheld taxes and employer paid taxes from the Sch H on line sixty-whatever-it-is on the 1040. Catherine

Hi folks -- This is a new one for me. I have a new client who hired household help (nanny). Went through an agency that did the W-2's and filed the Sch H. they gave me copies of all the papers provided by the agency. How do I report this in ATX? The jump-to bunny is tossing me to Form 2441 and then to care providers name -- that will duplicate the W-2 information. is this appropriate? Any thing else I should be on the lookout for? Thanks, and Happy Daylight Savings Time. Catherine

Great news; I'm going to have one in very similar circumstances as soon as I get the info.

It was up to about 60 degrees here. Yes, you DO have a life. It's just a little teeny one that's hiding in a closet until 4/15 when it will be safe to come out and play. Catherine

Client of mine came in with these this year; his employer changed the name of the division he works in part way through the year. So they gave out 2 W-2's, same FEIN. Said they "didn't know how to combine the two numbers". Funny part -- he works for a national payroll processing company. :lol:

Thanks, Julie -- Just what I was looking for. Catherine

Terry -- The kickback is in your teeth, every time you pay the new, higher price. Ask me how I know this.... But I don't use their payroll; just the ProAdvisor membership and software every year. Which reminds me; in my copious free time I should install the 2009 version. Catherine

Saw this somewhere else last year; another forum. It might even have been the Mighty KC who posted it! But thanks for posting it again; it's a good one. Catherine

Had an S-corp client call me today with a question I can't answer right off, and the first two places I looked didn't help, either. It should be plain and simple, but I'm just drawing a blank on this. This is a small consulting company, only assets are about $9K in cash. Owes the shareholders (2) about $40K in loans made to company. They may close the company this year. They have an accrued pension liability of about $26K. Does it make any tax sense for them to loan the company money to pay off this liability? Would the unpaid, outstanding loan to the shareholders be considered a business loss -- or personal, nondeductible? Please note that I'm ignoring the entire issue of how their SEP is structured and whether or not they _must_ make the contribution. That's a different issue from what happens to the loan to the company. Thanks, all. Catherine

"It's amazing how much "mature wisdom" resembles being too tired." Lazarus Long, 'Time Enough For Love' by Robert A Heinlein

Good luck with your tests, and thanks for the reminder. It's time for me to go retrieve the dry laundry and put the washed laundry in the dryer. And then get back to double-checking these completed returns and printing them out. :P

Normal -- isn't that a setting on the clothes dryer?