CTC's Posts

CTC · ‎03-22-2023

I've done plenty of 1041s but haven't done one with no income. It's being done because the losses are going to the beneficiaries, otherwise as was stated I wouldn't be doing it. It's a fiscal year, n...

I've done plenty of 1041s but haven't done one with no income. It's being done because the losses are going to the beneficiaries, otherwise as was stated I wouldn't be doing it. It's a fiscal year, not my choice, but the trustee thought they would save money, but it actually cost more. Luckily this is the final return.

CTC · ‎03-20-2023

So, since there is no income then it doesn't go anywhere. Is that correct. Thanks

CTC · ‎03-20-2023

Where are attorney and accounting fees deducted on a final 1041 estate return? Thanks!

CTC · ‎09-29-2022

Also, the 1099-B says it’s Ordinary Income. I’ve added the ord income to basis, plus added it to income as previously described.

CTC · ‎09-21-2022

Thanks for the information. I’ll have to call PTO to find out how to enter it as ordinary income.

CTC · ‎09-19-2022

Hello, I have a client that in 2019 sold stock through ESPP. TP hasn't worked for employer for years. She lives overseas thus has no W-2s. It's listed on the 1099-B on the informational page, but no...

Hello, I have a client that in 2019 sold stock through ESPP. TP hasn't worked for employer for years. She lives overseas thus has no W-2s. It's listed on the 1099-B on the informational page, but not part of the 1099-B that goes to the IRS, it gives an amount for ordinary income. I've normally added this amount to the wages line, but where should it be placed when there is no W-2? Thanks

CTC · ‎09-15-2022

Thanks for the answer. When you put it that way it makes sense and saves a lot of time. As they say "time is money" and I never have enough of either!

CTC · ‎09-14-2022

At the bottom of the Fidelity statement it says: Cost or other basis provided may include adjustments including, but not limited to, dividend reinvestment, return of capital/principal, wash sale los...

At the bottom of the Fidelity statement it says: Cost or other basis provided may include adjustments including, but not limited to, dividend reinvestment, return of capital/principal, wash sale loss disallowed, amortization, accretion, acquisition premium, bond premium, market discount, market premium, and option premium. Maybe I'm reading too much into it. It says MAY, so it could be either way. Thanks, Melissa

CTC · ‎09-12-2022

I was able to import all of the transactions, but it appears that I need to change the basis on a few in order to account for some of the wash sales that could be used after 31 days. Some of the tran...

I was able to import all of the transactions, but it appears that I need to change the basis on a few in order to account for some of the wash sales that could be used after 31 days. Some of the transactions should be able to use some of the basis affected by the wash sales. I though PTO would have calculated this but it doesn't seem to. Maybe there is something I need to mark to ensure it happens? Everything matches the 1099-B. Any ideas?

CTC · ‎04-05-2022

Decedent was a US citizen and so are the beneficiaries, although some live overseas. How do I enter foreign address in PTO? 8 out of 9 beneficiaries have foreign addresses.

CTC · ‎08-17-2021

The only problem I can find is with Form 8958 where it says Other registered domestic partner's SSN. The agent from PTO said to put not applicable which didn't fix the problem. Due to that being on t...

The only problem I can find is with Form 8958 where it says Other registered domestic partner's SSN. The agent from PTO said to put not applicable which didn't fix the problem. Due to that being on the form that makes the form show up with an error. I can't seem to remove that option since once you click in the box, you're stuck with one of those options.

CTC · ‎08-17-2021

I called ProConnect yesterday and they said to just ignore the error by clicking ignore, since she couldn't figure out what the problem was. I didn't think she was correct, but she insisted and of co...

I called ProConnect yesterday and they said to just ignore the error by clicking ignore, since she couldn't figure out what the problem was. I didn't think she was correct, but she insisted and of course it was rejected. This is unbelievable and the client needs proof that it has been filed. I've gone through the entire return and can't find where the problem was. Last year I just had to put in her income into her column and 0 into the ex column since she didn't know his income, plus they didn't share any assets. When I check MFS it just shows a last name, which is done by auto fill since his last name is different from her last name. Thanks.

CTC · ‎08-16-2021

No, nothing is coded to the ex. Last year (2019) the return was MFS and I entered everything, but she was divorced in 2020, so I remove his info and changed her to Single. That was done, prior to wo...

No, nothing is coded to the ex. Last year (2019) the return was MFS and I entered everything, but she was divorced in 2020, so I remove his info and changed her to Single. That was done, prior to working on her return but the critical diagnostic keeps showing up. Thanks.

CTC · ‎08-13-2021

For 2019, TP filed MFS, in 2020 she is single, but PTO is asking for MFS info such as SSN, etc. since the return is for a community property state. How do I stop the critical diagnostic since she is ...

For 2019, TP filed MFS, in 2020 she is single, but PTO is asking for MFS info such as SSN, etc. since the return is for a community property state. How do I stop the critical diagnostic since she is divorced and should no longer file as MFS? I clicked the MFS choice to verify that the info for her ex isn't there and removed it. The error still comes up. Thanks!

CTC · ‎08-11-2021

She felt like she should. It was a small amount so I didn't worry. Thanks for your help!

CTC · ‎08-11-2021

Here's part of the email she sent... I have been working remotely in NJ about 4x a week since last July 1st. I still have my NYC residence and work from there about once a week. Thanks!

CTC · ‎08-10-2021

Client lives in NYC, but during the pandemic she stayed with her boyfriend in NJ for almost 4 months (total). She went back to NYC each week, but then went back to NJ while maintaining her NYC apt (p...

Client lives in NYC, but during the pandemic she stayed with her boyfriend in NJ for almost 4 months (total). She went back to NYC each week, but then went back to NJ while maintaining her NYC apt (paying rent, etc) and the total time would have been about 4 months. Her employer is based in NYC. She paid a little tax to NJ when the extension was filed. Intuit ProConnect is asking the number of days spent in NYC and I don't know how to answer it. I checked the box for maintaining living quarters in NYC. I don't know if I should put the number of days she was actually in NYC or put the entire year since her residence was maintained. If I leave it blank then a critical diagnostic appears. Thanks for your help!

CTC · ‎07-29-2021

I asked to speak with a supervisor or manager and was told they'll say the same thing. When I insisted they said I'd be called back in 24 to 48 hours. Of course, after the pre-order pricing expires. I...

I asked to speak with a supervisor or manager and was told they'll say the same thing. When I insisted they said I'd be called back in 24 to 48 hours. Of course, after the pre-order pricing expires. I was told if I pre-order I can cancel as long as it's before Dec 27. If the pricing is the same for all their products, then I might as well go back to Lacerte.

CTC · ‎02-19-2021

Proconnect is not showing AMT. Everything else matches.

CTC · ‎02-19-2021

Thank you for your response. Here is a little more information from this 2018 tax return. AGI: 357,375 Rental: (5,617) Passive, not ...

Thank you for your response. Here is a little more information from this 2018 tax return. AGI: 357,375 Rental: (5,617) Passive, not a carryover as this was all from 2018 Form 8582 (5,617) Form 8582 AMT (5,617) Thanks

CTC's Posts

CTC's Posts

Re: 1041

Re: 1041

1041

Re: ESPP

Re: ESPP

ESPP

Re: Wash Sales

Re: Wash Sales

Wash Sales

In ProConnect how do you enter on a 1041 K-1 a US beneficiary with foreign address?

Re: How to stop MFS critical diagnostics

Re: How to stop MFS critical diagnostics

Re: How to stop MFS critical diagnostics

How to stop MFS critical diagnostics

Re: New York

Re: New York

New York

I compared the PTO price quote for 2021 and the cost of the individuals returns has gone up by $10 each. I was told the prices have been locked and cannot be changed.

Re: Form 8582 AMT

Re: Form 8582 AMT

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