David1980

Well it has seemed like they prefer selling TaxWise to new customers over ATX when given the choice, so that wouldn't surprise me (though it would suck, there aren't many forms based products remaining...) Hopefully if they do end up going to a new product they don't lay off the existing support.

The return will reject based on IRS reject code 0397. If transmitted on or before April 15th, the payment date can't be after April 15th. When transmitted after the 15th, the payment date can't be after the processing date. The year must be the current year. The date can't be prior to the current processing date minus five days. So basically, it go be from 5 days in the past til April 15th. If after the 15th, 5 days into the past til the current date. By allowing 5 days into the past they'll accept returns that have been rejected & retransmitted or completed one day and transmitted the next. Obviously the debit won't occur til they actually process the return.

I'm getting $224 as well. AGI: $111,415 Taxable income: $41,542 Did the qualified dividend & capital gains worksheet from the 1040 instructions manually. Line 1: 41,542 Line 2: 39,302 Line 3: 0 Line 4: 39,302 Line 5: 0 (Is there anything on 4952 line 4g? I assumed not.) Line 6: 39,302 Line 7: 2,204 Line 8: 41,542 Line 9: No 2,240 Line 10: 39,302 Line 11: Yes skip 11 through 14 Line 15: 224 Line 16: 224 Line 17: 5,426 Line 18: 224 So looks like we're matching up, or at least really close to that $199. If it's any consolation, without the 0% capital gains rate the tax would have only been about $2,189 - basically the taxpayer saved $2,000 thanks to the 0% capital gains tax rate.

What's the filing status? (I seem to be getting different numbers than you, still low tax but not that low.) Any kids?

You've got it. As far as gain/loss, you have the sales price and date sold from the 1099A. Purchase price and date purchased is the same as any other sale of property. Be sure to recapture depreciation allowed or allowable.

Doesn't CCH own H&R block? Though, conspiracy theories aside, it's probably just random chance. H&R likes to buy out existing offices when they expand, because they can get an instant customer base. Or it's possible the accountant you work for actually has considered selling before and had prior talks with H&R block? Did they say he was getting old, or did they actually know his age?

If they are an employee of the S-corporation they can take the unreimbursed expenses as an employee unreimbursed expense on 2106/Schedule A subject to 2%. A much better approach is to setup an accountable reimbursement plan on the S-corporation, they could then get reimbursed by the S-corporation and the S-corporation could deduct the expenses. S-corporation shareholders can't deduct unreimbursed expenses on the Schedule E though. If deducted on 2106 it wouldn't affect their loss limitations either way. If reimbursed by the s-corporation, it would reduce the amount of income reported on the K-1 which results in a smaller income (or larger loss) showing on the 1120-S.

How much was the taxable income before the capital gains? The extra income from the capital gains is probably pushing him into a higher tax bracket.

When TRX resold IntelliTax, I do believe they tacked on an additional amount to the bank charge. It was somewhat hidden from the preparer/taxpayer as it got included in one of the bank charges, so it was completely transparent. However, if you do a lot of bank products you definitely would want to ask if they have an additional charge there versus going through CCH.

From 5405 instructions, Who Can Claim the Credit In general, you can claim the credit if you are a first-time homebuyer. You are considered a first-time homebuyer if: c You purchased your main home located in the United States after April 8, 2008, and before December 1, 2009. c You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase. It must be a purchase of a "main home" which would prevent them from buying and immediately renting out a home to get the credit. What if they buy it, live in it 2 weeks, and then rent it? Homes purchased in 2009. You must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date. So what they could do is purchase the home, use it as their primary home for 36 months, and then convert to rental.

True, the same risk could happen for any software. I mean if you buy ATX and they decide to give everyone TaxWise instead do they allow for refunds? However, it would seem to be more of an issue with a reseller, because ATX will sell ATX so long as ATX continues to be sold. ATX and TRX could have a falling out and end up with TRX selling someone else's software. Just saying I'd want a good return policy. Then again if you're paying 50%, maybe it's worth the risk.

When TRX resold IntelliTax it was the same product. The only differences were in what other products you could get - for example, IntelliTax also resold TaxWorks for business returns as the business portion of IntelliTax was pretty aweful (well the states anyway). The IntelliTax business program also did not support efiling. So if you bought from IntelliTax directly you would often get IntelliTax for individual and TaxWorks for business. IntelliTax also had it's old DOS based program "OrrTax" which didn't get sold. IntelliTax also had a multi-site product (which I really liked) and I don't believe TRX sold that. IntelliTax also sold an online tax prep software kind of like the V-Tax that CrossLink sells. So while IntelliTax sold other stuff, the IntelliTax sold by TRX was exactly the same as the "normal" IntelliTax sold by IntellITax. That isn't to say it will be the same with CCH, it really depends on their agreement. For example, TaxWorks is resold by many companies, yet keeps certain features & functionality to their "own" version of the software so that all the resold software is missing some features. You also really never have a guarantee as to what you'll get with TRX. If they say it's ATX it probably will be ATX, but remember that last year people renewed expecting IntelliTax and got TaxWise. So one question I would have for TRX is if I sign up for ATX and they can't deliver ATX will I get my money back or do they force me to use some other software?

I may attend the May 7th or 8th one in Seattle. My past esperiences of the software haven't been "good enough" for me, but truthfully the list of software that fits my perfect model is coming up short. It either has problems (ATX delayed forms), plain sucks (taxwise, taxslayer), stopped existing (IntelliTax, OrrTax), or costs a lot. I've been giving Proseries a more thorough look. Drake though continues to have really high praise. It's the input that I stumble on. I also didn't like the printing on the 2007 software, but that has improved to my satisfaction on the 2008 software. I think if I could get used to the interface it would be fine. I just don't see that happening, I'm a forms person and want something that at least is somewhat forms based. For those who have attended these, do they showcase any of the "new" stuff or just go over what the current year software does? It would be interesting to see what new features are in the 2009 Drake software to see if they're going to have anything really amazing. I know turbotax online is getting pretty good with W-2 importing all the data by entering just the EIN and control numbers off a W-2, would be sweet to see that sort of functionality get picked up in tax software.

The california D-1 is only used when there is a difference between fed & state amounts. Like if you were to take $100,000 179 on fed but were limited to $25,000 on california so had been depreciating different basises. Is the loss for the fed the same as for the state?

You can amend the original return as filed or adjusted.

http://www.irs.gov/efile/article/0,,id=101316,00.html If possible, it makes sense to use debit as the charge is $3.49. If they pay by credit card they'll pay 2.49% (percent) of the amount paid. I don't know what kind of points or miles they're getting, but I doubt it's more than 2.49%.

This is why it's good to get a reference book like quickfinder/thetaxbook, though simply reading the "what's new for 2008" from pub 17 would give you information about adding property tax to the standard deduction. I like to try to catch up on all this including the last minute changes in January before the real rush comes. Personally, I would not want the software directly prompting me for every return. If they created a document with tax updates for the tax year or something that is cool, but since I'm not preparing just 1 or 2 returns like the average turbotax user I do not want to be slowed down by the same interview questions asked over and over when they only relate to a percentage of returns.

Publication 4681 table 1-1. Table 1-1. Worksheet for Foreclosures and Repossessions Part 1. Figure your ordinary income from the cancellation of debt upon foreclosure or repossession. Complete this part only if you were personally liable for the debt. Otherwise, go to Part 2. 1. Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property 2. Enter the fair market value of the transferred property 3. Ordinary income from the cancellation of debt upon foreclosure or repossession.* Subtract line 2 from line 1. If less than zero, enter zero. Next, go to Part 2 Part 2. Figure your gain or loss from foreclosure or repossession. 4. If you completed Part 1, enter the smaller of line 1 or line 2. If you did not complete Part 1, enter the amount of outstanding debt immediately before the transfer of property 5. Enter any proceeds you received from the foreclosure sale 6. Add line 4 and line 5 7. Enter the adjusted basis of the transferred property 8. Gain or loss from foreclosure or repossession. Subtract line 7 from line 6 * The income may not be taxable. See Chapter 1, Canceled Debts, for more details. Amount realized on a nonrecourse debt. If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer.

0% capital gains rate.

http://www.in.gov/dor/files/1345.pdf Per Indiana 1345: What Cannot Be Electronically Transmitted 3. Part-year or nonresident returns (IT-40PNR);

Usually two reasons support will do this, 1) it's their product or 2) they don't know if it's their product. If it really is widespread, you should see other people having the same problems on non-software-specific forums. For example, the $8,000 first time homebuyer issue is well documented at taxalmanac as affecting pretty much all software. So you would expect to see others complaining or be able to make an inquiry on one of those forums for people using other software. (One reason I check multiple forums.)

It is correct to show it on the 1040. Think of it this way, by reporting the loss you show that it was incurred and have something to show for where the loss came from next year when you do the carryforward. The worksheet (available in Schedule D instructions) is smart enough to calculate the carryforward amount even though it's already showing. I know it "feels" like you're taking it twice, but not really and the IRS worksheet is smart enough to figure that out.

Here, you can go a couple miles and be in a different area code. You also have people with cell phones that they got when they lived who-knows-where with different area codes. Local we have 206, 360, and 425. Cell phones it's anything. But if it was the same prefix, you would think that people would know the area code is the same as well.

The 179 should reduce the SE income to 0. "General partners should reduce this amount before entering it on Schedule SE by any section 179 expense deduction claimed, unreimbursed partnership expenses claimed, and depletion claimed on oil and gas properties. " - Schedule SE instructions. Can the taxpayer not claim the 179?

Sounds like real estate professional. See the definitions in 8582 instructions (they don't likely qualify.)