Amortizing Point on New Mortgage

[jasdlm]

Client bought a residence in 2008. Paid a point. Is there a way to have ATX do the amortization and automatically report the correct amount every year? The only thing I can find on the input for Schedule A is the 'fully deductible points' line.

Thanks.

[JohnH]

Yes, there's a separate screen for entering amortizable points. Once you enter the data, you just need to go there each year and enter the number of months paid for each succeeding year. This is a helpful step because it reminds you each year to check for a writedown if there's a subsequent refi or sale.

[jasdlm]

Thanks much.

[Margaret CPA in OH]

And if you don't already habitually do the Check Return at the top before completing, now is a good time to begin. The function catches many things including the points function here described. In earlier years the program had the capability of the calculation but the Check Return function didn't pull up a reminder if you overlooked or forgot to input the payments.

[JohnH]

Great point.

I usually press Ctrl-E to bring up the report, and as you said it catches a lot of little details that are eay to overlook.

[Margaret CPA in OH]

Thanks for the keyboard shortcut, JohnH! How did you discover that one? I try to remember them when I can - that sounds like a good one

[BulldogTom]

I have started adding the 2 year comparison to every return of prior year clients. I review it before I finish the return, just to make sure I don't miss something like that. It is also very helpful when the client asks the invitable question "Why is my refund different from last year?". I just show them the differences.

Tom

Lodi, CA

[JohnH]

There's a list of keyboard shortcuts in the program help option under the "Support" heading. The "Ctrl-E" is handy, as well as the Ctrl-B, Ctrl-S and Ctrl-F. I mainly use the shortcuts when preparing a return, as I don't find them useful in the return manager, rollover manager, or preparer manager. Those seem to be easier to navigate with the mouse.

One handy use for the control keys is when entering info on an 8283. I wish ATX offered an accessible data base similar to the "Payer Manager" when preparing the 8283, but since they don't it's necessary to formulate a work-around. If the client has a half-dozen Goodwill receipts, I've only come up with one way to shortcut the entry process. I enter the first set of info, then use Ctrl-C to copy the name, then use Ctrl-V to past it in to the corresponding field on the next 5 entries. Then I repeat this process sequentially for the "address", "city" and "zip" fields. Still a little cumbersome, but easier than retyping the info when there are multiple receipts. If anyone has a simpler method, I'd like to hear about it.

[Margaret CPA in OH]

I have started adding the 2 year comparison to every return of prior year clients. I review it before I finish the return, just to make sure I don't miss something like that. It is also very helpful when the client asks the invitable question "Why is my refund different from last year?". I just show them the differences.

Tom

Lodi, CA

I, too, have been using the comparison for many years. I even include it for new clients who have brought their prior year returns. I also print out the summary and staple those together so the client can have a quick review of current status summary and the comparison. They are both great tools to have and the clients do appreciate them. And, as you noted, it's another spot check for us to make sure we've covered everything.