Lion EA Posted August 16, 2009 Report Share Posted August 16, 2009 Yes, I posted this on two different boards. I can't find where some nice, smart person helped me last year. I have only one of these and struggle with it every year. Probably doesn't help that this is only my second year on current software. I searched on SIMPLE and other words to try to find past discussions with no luck. LLC taxed as a partnership, husband and wife 50/50 partners. Husband is not active and took some distributions. Wife is very active, took guaranteed payments, family health insurance premiums, and SIMPLE max plus matching. I think I add health insurance to guaranteed payments in most places in the return EXCEPT for Schedule M-1 where line 3 is GP (other than health insurance). Right? And, on her K-1, I should have line 13 L health insurance and 13 Q SIMPLE. Right? If you happen to know how all this works in ProSystem fx, I will love you forever. Last year everything came out right with only one override and balanced. This year, I discovered why I needed the 2007 override and did that item "correctly" on 2008 but am having trouble with the M-1 flowing as mentioned above. And, I'm out of balance by about the amount of the health insurance! Wouldn't it be nice if all my clients used the same type of retirement plan so I could master its reporting?! It's late and our water stopped several hours ago and I need a shower before I can face this client. Thanks for any direction re this partnership return. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 16, 2009 Author Report Share Posted August 16, 2009 Well, I obviously used box & line numbers from 2007 forms where I was looking to see how I entered the SIMPLE and HI on this return last year. 2008 has things in different places, but you know what I mean... Quote Link to comment Share on other sites More sharing options...
Catherine Posted August 16, 2009 Report Share Posted August 16, 2009 Well, I obviously used box & line numbers from 2007 forms where I was looking to see how I entered the SIMPLE and HI on this return last year. 2008 has things in different places, but you know what I mean... Unfortunately, I have no idea how to solve your problem. But I really hope that you got your water back and had a chance for a shower at least! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 16, 2009 Author Report Share Posted August 16, 2009 Thanks, Catherine. We used up all our Y2K water jugs to brush our teeth, wash our hair, take sponge baths, etc. I feel clean but soapy; it's hard to rinse without splashing the whole room! Tomorrow morning I'll go down to Curves early to shower before an appointment with my internist at 9 a.m. Supposedly, the pump man will install a new well pump tomorrow. He did come out last night, and the old pump was definitely fried. He leaves for Martha's Vineyard tomorrow, but is sending his brother who works with him to us ASAP. We filled buckets and jugs from a neighbor's hose to tide us over for another day. Just drove the three of us down to our church to use the bathrooms to save our newly filled tanks for overnight. Usually when we're without water, it's because we're without power. So, I'm really thankful we have electricity and air conditioning and friends. Quote Link to comment Share on other sites More sharing options...
Catherine Posted August 17, 2009 Report Share Posted August 17, 2009 <snip>Supposedly, the pump man will install a new well pump tomorrow. He did come out last night, and the old pump was definitely fried. <snip> Ah, yes, the vagaries of wells and pumps. I used to fill clean rubber bins with water before any big storm forecast, and used water from those bins more than once! Then there was the time a lightning bolt hit the wellhead (about ten feet from the house!). Fortunately I got an emergency crew that time and had a new pump in just a few hours. Must say I don't miss that aspect of having well water at all. I hope that your pump man (or his brother) gets your new pump installed without a hitch tomorrow! Catherine Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 17, 2009 Author Report Share Posted August 17, 2009 That is the upside to a storm; we'd have warning and would fill our large basement set tubs with water. When the pump died, it did so quietly. We continued with laundry and dishwashing and such until the holding tank and the hot water heater ran dry and surprised us. Thanks so much for the good wishes. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 18, 2009 Author Report Share Posted August 18, 2009 Bump. And, I have water again tonight. I can't drink it or do laundry for a couple more days, but I can shower! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 19, 2009 Author Report Share Posted August 19, 2009 It felt great to shower! I'm bumping this one more time in hopes of more details re reporting SIMPLE contributions and health insurance premiums for an active member in an LLC/partnership. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted August 20, 2009 Report Share Posted August 20, 2009 Lion, I think you are right in your reporting on Form 1065: Guar Payments, including health insur should appear on 1065, pg 1, line 10, and page 4, line 4 of Sch K. Guar Payments excluding health insur on page 5, Sch M-1, line 3 Make sure that page 3, sch K has the entry on line 13d for wife's health insurance. That could be what's throwing you out of balance, because that would affect the reconciling of the Sch M-1 to that first line at the top of pg 5, line 1 in Analysis of Income. I think your K-1 reporting sounds o.k. Hope that helps. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted August 20, 2009 Author Report Share Posted August 20, 2009 That might be it. Thank you! Off to a different client's site today, then I'm going to get through this Form 1065 Friday or else. I just don't do enough of these to know where to look when I'm out of balance. Thank you very much, everyone. Quote Link to comment Share on other sites More sharing options...
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