Not sure unless you changed MACRS options. Scroll down on the worksheet to the bottom to see what method you are using. Should be MACRS, MM SL, 39 years, basis 1,887,534
See link. https://accountants.intuit.com/support/en-us/help-article/login-password/resolving-sign-problems-signing-tax-product/L5nQY5HMO_US_en_US?uid=lufln23j
Form 8890 is not in pro series. You use it to calculate the amount of business interest expense you can deduct and the amount to carry forward to the next year for your client if it applies. Look for...
See more...
Form 8890 is not in pro series. You use it to calculate the amount of business interest expense you can deduct and the amount to carry forward to the next year for your client if it applies. Look for it at irs.gov. If code AJ income and deductions are positive then that K1` will not effect your client. It is for information for that 1120S only. If your client has other business losses then you would use that K1 to off set his other losses if he has any, otherwise no effect. code ZZ is for other info that the 1120S corp will tell you if it has any other info that may effect your client
For code AC see instructions for form 8990. for code AJ the loss shown (income - deductions) will be used if you need to figure any excess business loss limitation for your client. See section 461(l)...
See more...
For code AC see instructions for form 8990. for code AJ the loss shown (income - deductions) will be used if you need to figure any excess business loss limitation for your client. See section 461(l) and the Instructions for Form 461 for details.
You just go to state from the MFJ return. on the state return (on states that allow filling status different from federal) you will have a choice of MAIN FORM for husband and wife. Just check boxes f...
See more...
You just go to state from the MFJ return. on the state return (on states that allow filling status different from federal) you will have a choice of MAIN FORM for husband and wife. Just check boxes for each. Not sure basic has, but I think it should.
You never answered Susan's questions, but if your client never lived in it you would treat it as an investment property report sale on schedule D. (no matter you receive a 1099S or not).
Are you talking about Medicaid Waiver Payments. Notice 2014-7. Did your client receive a W2, if so scroll down on the W2 worksheet, and there is a box to check making it not taxable. Note if needed i...
See more...
Are you talking about Medicaid Waiver Payments. Notice 2014-7. Did your client receive a W2, if so scroll down on the W2 worksheet, and there is a box to check making it not taxable. Note if needed it can be used for EITC, but either all or none.
Some parents can claim college student, and some cannot. here is a work sheet to fill out. Don't forget any student loans count as student provided.
https://apps.irs.gov/app/vita/content/globalmedi...
See more...
Some parents can claim college student, and some cannot. here is a work sheet to fill out. Don't forget any student loans count as student provided.
https://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf
To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the en...
See more...
To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
Just fill out the 1099R work sheet, and if box 7 is code 2 your good to go. Scroll down to rollovers and recharacterizations, and check the box on line B5. if it is other than code 2 you may have to ...
See more...
Just fill out the 1099R work sheet, and if box 7 is code 2 your good to go. Scroll down to rollovers and recharacterizations, and check the box on line B5. if it is other than code 2 you may have to play with the program to get it to work the way you want
