Terry53029's Posts

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Terry53029's Posts

Click on "where do I enter" then type in election. You get a lot of elections, see it he one you need is there. from IRS: A trader must make the mark-to-market election by the original due date (no... See more...
Click on "where do I enter" then type in election. You get a lot of elections, see it he one you need is there. from IRS: A trader must make the mark-to-market election by the original due date (not including extensions) of the tax return for the year prior to the year for which the election becomes effective. You can make the election by attaching a statement either to your income tax return if filed without an extension or to a request for an extension of time to file your return. The statement should include the following information: That you're making an election under section 475(f); The first tax year for which the election is effective (that is, the tax year for which a timely election is being made); and The trade or business for which you're making the election
Are you saying you can't open program ? What error are you getting, and are you using ProSeries Pro
@IRonMaN  If we cannot efile because of form 7202, I am just going to put the credit on schedule 3 line 12b with an override, and not fill out form 7202 in the program, but fill it out by hand and at... See more...
@IRonMaN  If we cannot efile because of form 7202, I am just going to put the credit on schedule 3 line 12b with an override, and not fill out form 7202 in the program, but fill it out by hand and attach it as a pdf. If you look at the draft instructions, it says to attach to return. Will disable error check, and efile
@Just-Lisa-Now- Are you saying we won't  be able to attach form 7202 as a pdf.
Try going to windows start, scroll to ProSeries 2019, repair updates, then do the same for 2020. Hope that will work for you  
Mine, also worked fine
@psaund9860  You just enter the sale of condo on 1099B worksheet. Enter it just like it were a stock transaction, and check box basis not reported, and box not reported on 1099B, and leave 8949 box b... See more...
@psaund9860  You just enter the sale of condo on 1099B worksheet. Enter it just like it were a stock transaction, and check box basis not reported, and box not reported on 1099B, and leave 8949 box blank. The program will auto populate a 8949 for each item you enter that you leave the box 8949 box blank on the 1099B worksheet. I think once everyone gets used to working the new format they will end up liking it, but it takes some getting used to (especially for us old guys  😁  
I found that if you click as far left as you can on the form it works, but hope the update will fix problem
@abctax55 Am closing office, and plan on doing a lot of fishing with my grandson, but will be doing probably around 15 returns or so. Just looking for a reliable software that won't break the bank, a... See more...
@abctax55 Am closing office, and plan on doing a lot of fishing with my grandson, but will be doing probably around 15 returns or so. Just looking for a reliable software that won't break the bank, as I bought a new bass boat, and we all know that is a great money hole.
I believe most pro software will let you convert your present software to their software. I plan on Simi retiring after this year, but I will still do family and friends, so I am looking for somethin... See more...
I believe most pro software will let you convert your present software to their software. I plan on Simi retiring after this year, but I will still do family and friends, so I am looking for something more affordable than ProSeries which has become too rich for me, and lacks support. Any recommendations. I came across a program called Nexus, but it sounds too cheap, so I am still looking
Go to each asset worksheet, and scroll down to disposition. Fill in sale date, and other info. Program should help you from there.
Its not in the release date for forms. Sure hope they get it by filing time, as I've already had clients asking about it 
I have an account with "encyro" Just started using this year, and love it. Very affordable, easy to use for me and clients. Able to send doc's back and forth safely, and secure. Check it out, just go... See more...
I have an account with "encyro" Just started using this year, and love it. Very affordable, easy to use for me and clients. Able to send doc's back and forth safely, and secure. Check it out, just google "encyro"
@TaxGuyBill  your right bill I misspoke, as I meant the income levels are cut in half, and not the credit  ☹️
If the four kids are under 17 CTC is $8000. MFS only $4000. As you said, lot of downside to filing MFS, especially with kids 
Here is the link: https://proconnect.intuit.com/community/help-articles/help/fix-common-problems-and-errors-with-the-proseries-tools-hub/00/71661
This is from IRS:     Here is link for you to research:  https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein Partnerships You   will be   required to obtain a ne... See more...
This is from IRS:     Here is link for you to research:  https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein Partnerships You   will be   required to obtain a new EIN if any of the following statements are true. You incorporate. Your partnership is taken over by one of the partners and is operated as a sole proprietorship. You end an old partnership and begin a new one.  
Here are the instructions from the draft 1040 for 2020: Looks like they changed their about someone who died in 2020 The economic impact payments were based on your 2018 or 2019 tax year informat... See more...
Here are the instructions from the draft 1040 for 2020: Looks like they changed their about someone who died in 2020 The economic impact payments were based on your 2018 or 2019 tax year information. The recovery rebate credit is figured like the economic impact payments except that the credit eligibility and the credit amount are based on your 2020 tax year information. Generally, you are eligible to claim the recovery rebate credit if in 2020 you were a U.S. citizen or U.S. resident alien, weren't a dependent of another taxpayer, and have a valid social security number. This includes someone who died in 2020, if you are preparing a return for that person. Use the Recovery Rebate Credit Worksheet to figure the credit,
@abctax55 Your picture is very cute  😁
@abctax55 is that something I missed, as I thought the IRS only changed the ability to Efile amended returns to 2019, or later.