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  1. Does anyone knows how do I move suspended losses in Form 8582 for given up property to replacement property. I am able to include for replacement property as previous year real estate losses, but unable to figure out how to knock off from relinquished property in ATX. I believe I had to do this in K1 Input screen.
  2. Has anyone had experience with this message- Unfortunately ATX (even after attaching their software file "Large Address Aware") still unable to accurately process the file. Keeps shutting Down
  3. mircpa

    Form 1116

    Hello Have a question regarding form 1116. Foreign stock sales transaction reported on Sch D, sales proceeds 129K, cost 59K. Do I show gross stock sales proceeds income 129K on line 1a & cost 59K on line 2 of form 1116 OR net capital gain 70K goes on line 1 ? Tax refund or payable amount is different in both situations. There is less tax of 2,500 in approach 2. Can someone guide for correct approach.
  4. Folks, I do not use any bank products nor do I wish to. When I am in a return and click the "Check Return" button, there are 36 overrides listed as 1040 EF overrides. How do I resolve this?
  5. My question is... On the partnership 1065 , I have 2 guys that formed this partnership LLC several yrs ago with rentals and the like, in the last few yrs they started to flip houses as well. All has been pretty smooth until this yr. One of the partners has an uncle who has been loaning the "working capital" which the partnership pays him principal some interest after the flip sales. Well in 2019 he loaned 100,000 to partnership on a amortized schedule. The 2 partners each took 50,000 , which they called a loan so under the impression that it would not be taxable to them as they were paying the uncle bac I explained that the partnership was paying back the loan as the loan was given to partnership. Yes the money given to partners is taxable. I have also asked what the 100,00 loan was for per Uncle and why did he amortize it? So far that question has not really been answered. What when and where does the loan go if it doesnt really fit in any IRS rules and if it was used for guaranteed payments? I have spent hrs on this and would like some input please!!!
  6. Can we include rental property disposal income from Part 11 or 111 of form 4797 for QBI deduction?. In ATX (1040) inputs for form 8995 requires input of Disposition Gain/Loss from activity . Which amount to include here ?
  7. Hi, I am preparing estimates for a client. I noticed the 1040ES said there was an update. I updated forms and now the first estimate instead of being due 4/15/20 it says 12/16/19. What the heck is going on? Linda
  8. A client redeemed a Series EE bond and used it for Qualified education expenses. I have entered the interest in Box 3A of the 1099-INT form, but how do i make it show as non-taxable? Should i use adjustment code "J" and adjust for the full amount? Any guidance would be appreciated!
  10. HSS payments are earned income for Earned Income Tax Credit May 16, 2019 The Tax Court has ruled that income that a taxpayer excluded from gross income pursuant to IRS Notice 2014-7, which treats qualified Medicaid waiver payments as excludable as foster care payments, is earned income for the purposes of calculating eligibility under the Earned Income Credit and Additional Child Tax Credit. (Feigh v. Comm. (2019) 152 TC 15) File amended federal returns for clients who qualify. Although California follows Notice 2014-7, it is unclear if the Tax Court’s decision will impact the California Earned Income Tax Credit because California also requires that the earned income be subject to state withholding. (R&TC §17052(c)(3)(A))
  11. It says balance sheet discrepancy. Also for PR partner # 1: when entity is other than individual...do I show their social security number or entity ID no? It is showing error when I put either kind??!!
  12. Husband and wife bought stock while living in community property state (AZ). The shares weren't gifted or inherited but bought with community funds. A few years later they moved to non-community property state (OR). Then in 2015 wife died and in 2018 husband sold shares. I believe that the nature of property didn't change after move to OR and he received a full stepped-up basis in 2015 when wife died in 2015. Am I correct?
  13. Hello all I should be filing extension for a corporation for which I intend to file 1120S & 2553 after extension. At present there is no 2553 filed yet. In form 7004 should I pick option 12 for 1120 or option 25 for 1120S. Let's say i have to pick 12 would it be fine if I submit 1120S & 2553 ?
  14. I prepared certification forms for my clients to sign who have CTC, ACTC, ODC, or OATC on their tax returens. I do not have enough HOH or EITC clients to worry about standardized forms. I have my clients read through the IRS garbage and then sign the certification, which I keep in my file as proof that I tried to be an IRS agent for a few minutes qand grill my clients. Most of the clients comment about the IRS language, especially about the definition of "dependent" for many of the credits. It gives them a new perspective of what we have to put up with year after year with more and more clarifications and exceptions to prior definitions. One client even said "Is the IRS nuts or what?" I just smiled . Anyhow, I have attached the forms I produced in case others would like to adopt them or modify them for their use. CTC, , ODC CERTIFICATION.pdf AOTC TAX CREDIT CERTIFICATION.pdf
  15. phyllisw

    Year of marriage

    Tax client married in August 2018 and had a baby in October 2018. Spouse qualified for PTC while single will have to repay due to income filing jointly. When calculating spouse's alternative family size as 1 she does not qualify but if she uses family size of 2 (her and baby) she does not have repayment. Is this acceptable?
  16. Have a client who owned custom kind of personal residence in IL from 2001 until August 2016 when he started renting and eventually sold in Sep 2018. I know I am suppose to look for FMV at time of conversion for calculating gain or loss. Since this is kind of custom house I cannot find comparable home values during August 2016. I looked at county website which shows assessed value which is way less than original purchase price. Can someone points me to any website or source where I can get an idea of FMV of this house in past August 2016.
  17. Is there any easy way to aggregate multiple trades or businesses in ATX? For example I would like to aggregate an RPE 1065 K1 activity with a Schedule C activity for purposes of computing QBI. Also, does ATX generate the required aggregation statement to attach to the tax return or does this need to be manually attached? Thanks for any thoughts, Shannon
  18. How are preparers entering data if you use secure file pro. In the past I have entered from original documents printed out. Is there a way to review input and show it has been entered.? If not how do you review a return for accurate data entry.
  19. So many questions are rolling in. Do I know the answers? Not always. My classes are late this year and will be held on December 2 and 3. I did order "Tax Planning for Individuals" 2018 Edition from Quickfinder and it has been a tremendous help. I did consider hanging it up, but this is too much of a challenge to miss out. Also, financial security is always an issue. We purchased a rental house in July. I just want to wish all of you the best of the best of tax seasons. Also, Happy Holidays to all.
  20. Moderator note - first 5 posts here were moved from another topic that was being derailed. Rita, LaVergne is simply Edsel on a client's computer. In order to post, you have to register, and the IP address of the computer in use will not allow a duplication of another name. Apologize if you were misled, there was no attempt to "hide" my identity. I think you know I would not hide behind a tree to post, even for unpopular subjects. The client's computer is in LaVergne, Tennessee. My engagement at this client will last until January when a full-time person will take over. Thus posts from "LaVergne" will be few and not last very long.
  21. Related Party sale – losses aren’t deductible. No problem there. But what happens in a related property sale of rental real estate at an overall gain, if there is (1) a loss on the land, but (2) a gain on the building? Is the loss on the land still disallowed? For example: • Related party sale total net gain =$10,000. Reported on 4797 it is made up of: • Gain on building = $20,000 • loss on land =$10,000 Does the taxpayer have to recognize a $20,000 gain on the transaction and loss on land is disallowed. Or does the taxpayer recognize a $10,000 gain. If this was not depreciable property (vacation home) there would only be “one total value” and there would be no disallowed loss . It seems to me the property is only split to calculate depreciation, but does that create a situation where the loss is disallowed?
  22. Decedent''s only asset left was a secured note/mortgage held on her home by former renter. In 2017 the individual died, her family that lived in it let the proprety go and did not pay the last 2 RE tax bills. Decedent's heirs filed for a quit claim deed and property was conveyed back to estate. Sold in 2018 at a county tax sale for 20% of original note, paid all costs and ended up with a "book" loss of about $50,000. Q1-Can they take the loss on the property, netting all legal fees - from the note's value at the time of default? Q2-Is it a capital loss to each heir, maxed by $,3000 loss limitation? Q3-if the estate is closed out does the loss go tothe hier and they carry it over if they are limited by the $3000 maximium loss? I am trying to help a family I am related to, but have little estate experience. Should I just hire someone?
  23. I have not ever had to address this issue. The client is dual citizen US and Eritrea. In order to maintain ownership of family home in Eritrea, they are charging her 2% tax on US earnings. I cannot figure how to exclude the tax paid to Eritrea. This is a $4000.00 tax with corresponding income double taxed. Any takers among this august group of smarter than me folks?
  24. I had been paying into a Sunlife LTD plan through my company. On my W2 from my company they listed at the top. The chart indicates your 2016 voluntary adjustments which are included (+) excluded (-) or did not affect N/A your federal wages. Box 1. They then list the voluntary adjustments Voluntary adjustments YTD amounts Federal Wages Long Term $173.27 N/A The $173.27 I paid is listed no where else on the W2. From Sunlife the W2 I received lists in box 1 the amounts Sunlife the disability provider paid in 2016. I am thinking as the LTD did not affect my wages and I paid it it should be non-taxable. Box 13 of the Sunlife W2 lists it as Sick Pay. How can I determine who paid the insurance. Me or my company. Sunlife says my company screwed up and that their agreement with my company was where it should be taxable.
  25. I need a bit of assistance. I have a new client who has a 1065 for business real estate rental, and a schedule C for investment sales. Her past preparer got into big trouble, and all his computers were ceased, but she was able to give me her last two years' returns. The first thing I noticed is that the 1065 activity is listed on Page 1 of the return and that there are no schedules L, M-1, or M-2. I know for a fact that there is $1.2mil in real estate in that business, but it doesn't appear to have ever made it on to the balance sheet. I'm thinking it probably won't hurt to keep the activity on page 1, although it isn't technically correct, but do I need to file Form 3115 to put the assets on the balance sheet and start depreciating them? Any insight is much appreciated.
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