Dale in IN

Yes I am still here. I have followed the messages on this board all year. And I have already made the decision to quit tax preparation after 28 years. I have been fighting kemo and this program all season. Although I have not had the problems that some have had. However this program has had several mistakes. I am running a dual core Intel 13 processor with 3.3 Clock speed. I think this speed has helped on the slowness. In regards to the ACA every tax preparer should get a copy of OBAMA CARE SURVIVAL GUIDE by (NICK J. TATE) . Published by Humanix Books. It is available from Amazon books for $ 10.95. It breaks it down in a language that is understandable. It may not be the complete regulation but you will give you a good idea of what you my expect. And yes it looks to me like the tax preparers are going to be responsible for the collection of the taxes. They have already cut into my social security for this year as my now X wife sold an inheritance last year and threw us in a high income tax bracket. Dale in IN

Yes I believe that is what it is . The program is only counting items with depreciation this year. However in 2010 it counted all items on the asset detail sheet. I have always charged a line charge for all assetts and carry them from year to year. If a client comes in and tells me they sold or traded an item and I ask them what their basis if their answer is "I don't know" . then I have a record for them and they get a new print out every year.

I don't think so. I did a return this morning and it shows 6 Items where I only added 2. And I Have 33 total. I was Thinking in years past wehen you checked the box and a price per assett it calculated all.

Has anyone figured out how to make the billing option on the assett work sheet calculate correctly. it does not seem to be able to count.

It Was not available Monday when i checked . I looked yesterday( wed April 4) after noon and it was available. also the 941 V and state forms were there.

I could not get Indiana 1065 to efile either.

Schiralli: You have 3 tax returns to prepare . A 1040 For Mary up untill the date of her death. When Mary died thr REVOCABLE TRUST became IRREVOCABLE (cannot be changed) and it is up to the Trustee to sell the property or distribute the Assets. So if the property was sold then that requires a 1041 for the trust with the proceeds distributed with k-1s. While Mary was living the REVOCABLE TRUST was treated as a dis reguarded enity and the trust income was included with her 1040.. AS for the Annuity if there were no benificeries then it would go into the Estate as Jack has stated orto the benificeries. If it was a Life only annuity There is no Annuity the Issuing company keeps the balance.. And if it went into the Estate you are right the Estate has to have a seperate EIN number. You have 2 different Enities.And a 1041 has to filed for the Estate with K-1s. If the Estate has not been settled you can choose a tax year beginning the day after Mary's death.

Kea: That sounds Right. I have played with this all morning for I have about the same thing coming up tomarrow. Only it involves the repo of a personal residence. The only aother alternative would be to defer the gain and keep the basis of $9580 as basis for a future sale. How ever that is not what the repo reals state. The first 2 paragraphs of Pub 537 page 13 state that that is a taxable gain. I do not beleive the FMV on the date of repossession is involved. If the property would be resold at that amount at a latter date then you would have another loss.

I e-filed a return the middle o Feb. and I only listed 2 entries. go to the Form input and list short term on 1 and on the other list the long term . Do this for each 1099 B and it should go through. I use form 8879.

Kea : Go to Pub 537, Page 13-15 explains how to handle repossession of real property. first paragraph page 13. "REAL PROPERTY. The rules for the repossession of real property allow you to keep essentially the same adjusted basis in the repossessed property you had before the orginal sale. You can recover this entire adjusted basis when you resell the property. This in effect , cancels out the tax treatment that applied to you on the orginal sale and puts you in the same position you were in before that sale. As a result the total payments you have received from the buyer on the original sale must be considered income to you." Your client is not going to be a happy camper! If you go on down and fill out the work sheet D You should come up with the amt of payments made on Lines 1,3,6 and possibily 8 unless there was some repo expense. Then go to work sheet E and line one is the unpaid balance. You had no profet % so line 4 is the same and on line 5 enter your line * from work sheet D and you should have your orginal sales price as a basis . And your loss has already been taken care of at the time of the installment sale. Your 3 Months interest never recieved can not be claimed as it was never included in income. Dale.

I e-filed a return last week and all I did was put on the input sheet as long/short term C/G 1099-B. List the short on one transaction and the as another. That is providing you have all the basis . Make sure your figures match the 1099-B. I may hear about it later but it went through e-file anyway.

Thanks bcolleen you were right . I did nothing but requalify and transmit and they went through. And Jack thanks for the heads up on the third person permission. I caught that about 2 weeks ago and changed ther master form and it has worked all right ever sense.

Just got 2 Indiana state returns rejected with a code of MENFINSTATE-901. Any one have any idea of what tyhey are talking about. I have been efiling state returns with out a problem . Then to day i have had nothing but problems with this program. It keeps asking for State EIN;s for State Agencys that do not put their state number on their 1099s. Then my asset depreciation calculation quit working for ny invoice. Thanks in advance if you have an answer and can help. Dale

That is supposed to be $1000 and line 11k.

Jeff: Agree with you on the first part, providing that it was deducted on Sch A for 2010. It would be taxable this year . On the 2nd question you have to go to your Sch A Deductable tax line and hop out to a work sheet and enter the amout paid on line 11 k . the program has no way of knowing wheather the taxpayer made the payment or not. Then under neath that line is a state and the amount for that state . If you enter the $100- on line 121k it will transfer back to your Sch A. Dale

I Transfered Tax years 2003-2011 used WINDOWS EASY TRANSFER in WINDOWS 7. You have to have easy transfer running on both computers. If you do not have Easy Transfer on your old computer you can down load it from the Internet. I used wireles net work to do it. Once you get Easy Transfer set on both computers follow the Instruction on your screen. Choose only 1 folder at a time or it will try to transfer your whole disk. I moved the year I wanted to transfer into the shared folder. Then I transfered The complete program client base and all. It take about 20 to 30 Minnetes for each year. Depending on how large your client base is. Once it finishes go in with exployer and find your netset up file and run it .Tthis should put your i-con on the desk top. Then open your tax program and see if your client base is there and then see if you can open one.If that works try printing a page. If this does not work you may have to delete it out on the new computer and do it over. If all OK you go to the next year that you want to transfer and do the same. I tried transfering the whole disk and my client base did not transfer right. However if you do 1 year at a time like I have instructed I belive it will work. No guarentee and you may have to expermint some .Dale

mek: Joan has hit the right point. An election has to be filed to treat all realestate activities as one. I have checked the master tax guides from 2003 to 2012 and the ones from 2003 to 2011 say an election MAY be filed. however 2012 says an election MUST be filed with the taxpayer's 1040. However the 2012 says that certain taxpayers may be permitted to make a late election( Rev-proc 2011-34). This years tax book has a court case involving a case back in 1996 & 1997 wheere the commissioner disallowed the losses because an election was not filled. Dale in In

Taxman: Look at pub 225 FARMERS TAX GUIDE, Page 56. There is a chart there that tells you where to take them. Most live stock is not depreciated unless it is very expensive breeding Stock. Since there was no depreciation taken I would Show the Depreation as $0.00. I in 26 years of tax prep have only had 1 client that wanted to depreciate live stock. Then when he sold it he never told me that he had sold it! Dale

Bonnie: Business is dead here this week. So I have worked with your info for the last few hours. You did not include a purchase price. So I have come up by back figuring with a purchase price of $32655. However it is more simple than you can imagine. It is all short term gain subject to ordinary tax. You will need to use a form 4797. fill in the input sheet and mark force to Part II. If my purchase price is nit correct use your correct one. Your figures will go to your 1120S line 4 and line 14. Sales of business proprety are not subject to recapture rules. Less than 50% use is. I found this in THE TAXBOOK Deluxe Edition on page 6-12 and 9-16. Dale

Catherine: I guess that I do not know how to post a reply. In answer to your question I am in in Indiana and have filed a few paper returns with out the bar code page. I have not as of yet had on replys as to why no bar code. If they want it they had better get It approved as for as I am concerened. Dale

bstaxe: Your 1099 Q is for a distribution from a Qualified Tuition Program or and Education Savings account. In your case it looks like the distribution was used for other purposes rather than education. You take the amount of your distribution * the basis/over the value at the years end That = your basis ditribution that is not taxable. The remainder is your taxable amount. and if you have a loss as it looks like y ou do it goes to Sch A subject to the 2%excess of AGI. Information from the TAXBOOK page 12-5 or it can be found in Pub 970. Dale

Bonnie; We need more information on your Equipment for the recapture.Date Purchased? Purchase Price, Type of Equipment? Years to be Depreciated? Amount of 179 deduction? Sale Date? and Sales price.Schedule C or F business. If you can get me these figures I will see if I can get you an answer. Dale in IN

Mas: Go to the IRS web site and look for form 3520, ANNUAL RETURN TO REPORT TRANSACTIONS WITH FOREIGN TRUSTS AND RECEIPT OF CERTAIN FOREIGN GIFTS. It looks to be 6 pages. And the instructions for the form is 10 pages. I think your answer might be there. Dale in IN