We just got a new client that had a previous NOL from the previous 3 years. This year they only had minimal income but had some withholding from a w-2. Because the carried forward NOL is higher than ...
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We just got a new client that had a previous NOL from the previous 3 years. This year they only had minimal income but had some withholding from a w-2. Because the carried forward NOL is higher than the w-2 income Proseries is giving me an error message that the return is not eligible for E-filing because the tax withheld is greater than the sum of income from Wages plus Other income (which includes the NOL from previous year). Question is simple, do I have to paper file the client?
Client exchanged 50% of his interest in Partnership 1 for 50% of his partner's interest in Partnership 2 making him no longer a partner in Partnership 1 but making him 100% owner in Partnership 2. Ho...
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Client exchanged 50% of his interest in Partnership 1 for 50% of his partner's interest in Partnership 2 making him no longer a partner in Partnership 1 but making him 100% owner in Partnership 2. How do I report this? Do I file a Form 8824 Like-Kind Exchange?
Just wondering if it will bounce it back and they will receive a check instead by checking the "checking" box when I should have checked the "savings" box.