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linette's Posts

If there are things on one year that carryforward to the next year.... for example: refund being applied forward You may want to wait and stagger filing so that the system can process and carryforw... See more...
If there are things on one year that carryforward to the next year.... for example: refund being applied forward You may want to wait and stagger filing so that the system can process and carryforward correctly.   I am in Oregon and have had problems with state returns when I file all at the same time.    
Next thing to wrestle with: If credits are taken there are wages that can't be deducted on the tax filings. I believe even though we are filing for those credits now, by doing so, taxpayer will hav... See more...
Next thing to wrestle with: If credits are taken there are wages that can't be deducted on the tax filings. I believe even though we are filing for those credits now, by doing so, taxpayer will have to amend their business tax filings to remove those wages. Is this really worth it?    
I like you have struggled trying to find clear answers and get frustrated that non-techinical people such as Paychex are offering services trying to gain clients and fees without making sure client q... See more...
I like you have struggled trying to find clear answers and get frustrated that non-techinical people such as Paychex are offering services trying to gain clients and fees without making sure client qualifies. I have been asked to review this as well. First thing I see is that they cannot take credit for wages that were used to satisfy PPP loan forgiveness. This is different than originally stated.  Originally they couldn't take the credit if they received PPP loan. My starting point is going to be to look at wages and what was used to satisfy the PPP loan forgiveness. Then go from there if anything is left. With my clients the majority of expenses used to satisfy forgiveness were payroll.  So it is possible there is little left to apply towards this credit. Good Luck and share if you are able to figure something else out.      
Schedule B with possible foreign tax deduction.
I duplicated and ProSeries shows 85% of social security taxable and never changed. I did what you said, using numbers that you reported and put them in one at a time not adjusting for the IRA contri... See more...
I duplicated and ProSeries shows 85% of social security taxable and never changed. I did what you said, using numbers that you reported and put them in one at a time not adjusting for the IRA contribution.  Reviewed the return to see that 85% of social security was taxable. Then I put in the IRA contribution and see max is $2,788 so all is matching up as you say. When I look to 1040 it shows AGI 110K as you state and is showing 85% of social security still being taxed. Check inputting for some kind of technicality...IRA Ckd when pension.  Husband vs. wife.  Try removing social security screen and then reinput.  It seems like you might have a glitch.... PS--I made over 70-1/2 or under.  That doesn't seem to be an issue.  
Did you find the IRC box?  You have to enter the life and then I think there is a check box to take the $5,000. Input is a series of entries starting at the top of the form and going to the bottom a... See more...
Did you find the IRC box?  You have to enter the life and then I think there is a check box to take the $5,000. Input is a series of entries starting at the top of the form and going to the bottom and when all are in the right sequence the system calculates.   (they could make this easier to find.)
Look at line 30 on 1040. If you click on the amount box it takes you to another screen. Then you click again and it takes you to the recovery worksheet. (I think I had it disappear from the forms ... See more...
Look at line 30 on 1040. If you click on the amount box it takes you to another screen. Then you click again and it takes you to the recovery worksheet. (I think I had it disappear from the forms in use list once.) If you delete the worksheet the system should put it back on the forms in use list.  
Did you try re-downloading the software? Have you used 2018 before?  Are you using networked version?  I didn't have good luck with installation when using networked version. Standalone downloaded... See more...
Did you try re-downloading the software? Have you used 2018 before?  Are you using networked version?  I didn't have good luck with installation when using networked version. Standalone downloaded and operates fine.  Had to do a little work to get the licensing correct.  
I have no idea what the right answer is here but I enter the last day of the year, zero for sale price and then review everything, override where needed to get the return the way I want it. System d... See more...
I have no idea what the right answer is here but I enter the last day of the year, zero for sale price and then review everything, override where needed to get the return the way I want it. System doesn't let you remove something as dormant.
If he were paying interest to buy a car would he deduct it? Determining what was purchased and who purchased it determines where it is reported if it is reportable at all. Personal interest is not ... See more...
If he were paying interest to buy a car would he deduct it? Determining what was purchased and who purchased it determines where it is reported if it is reportable at all. Personal interest is not deductible even though it is income to the person receiving it.
dascpa.  Great suggestions!  If intuit would only listen.  Afterall we do pay the bills that keep them going.  And with some minor tweaks, professionals may actually be able to provide support that w... See more...
dascpa.  Great suggestions!  If intuit would only listen.  Afterall we do pay the bills that keep them going.  And with some minor tweaks, professionals may actually be able to provide support that would relieve their support staff that they struggle to hire. I wish there was a way to stop "2,000" posts especially for the simple questions where the first couple of people have said all there is to say. And I wish they would archive out old posts.  Maybe sort them by year and if we can't find what we want in the current year we could then move to the previous year and see if the answer is there. If we keep asking maybe they will listen!
What I tried to say to you in the beginning and others are leading to in their responses. Buying and Selling Businesses is not something you should get involved with once. You don't state why this ... See more...
What I tried to say to you in the beginning and others are leading to in their responses. Buying and Selling Businesses is not something you should get involved with once. You don't state why this is only time you will do this, but my suggestion might be not to do in once.  Then you don't have to learn. This is a coaching moment for a professional (teaching client) and you as a professional can be held responsible for what is put on the returns.  You have basis determination for Dad.  Basis determinationf or Son.  Interest Income and Interest Expense in each year.  And, you have a related party transaction. Potentially a rental agreement in the future. Lots of things for which you can be lead astray.   Get advice and advising your client appropriately should be top priority.  Not figuring out what line on the tax return it goes on. We all face these things in our daily business.  I am not willing to provide that advice and the pitfalls in this forum.
Let me ask you,  How are you reporting the income on Dad's return?
Try a depreciation schedule and don't be rude. People are trying to guide you an area where you don't have knowledge.  You shouldn't expect this forum to teach you tax law, accounting and return rep... See more...
Try a depreciation schedule and don't be rude. People are trying to guide you an area where you don't have knowledge.  You shouldn't expect this forum to teach you tax law, accounting and return reporting.
You can google search it or I think that may be even the explanation will be in the instructions for form SE. I personally and advising my clients to pay it now.  Particularly if their income has no... See more...
You can google search it or I think that may be even the explanation will be in the instructions for form SE. I personally and advising my clients to pay it now.  Particularly if their income has not been reduced or was reduced but replaces with Unemployment. Because I am not seeing this with my clients, I don't want to quote what I think the rules are.  It should be easy to find once you know what you are looking for.  
Taxpayers can defer payment of their ss tax and ProSeries I believe put this in as an error message so you consider it. If you put a zero in the box -- Defer nothing and pay everything now -- it wil... See more...
Taxpayers can defer payment of their ss tax and ProSeries I believe put this in as an error message so you consider it. If you put a zero in the box -- Defer nothing and pay everything now -- it will solve the problem. Otherwise review and advise client accordingly and enter the amount that they wish to defer.
Probably because if you don't put in an amount or zero it comes up red (error). This is just two more questions we have to ask every client we work with.
Question is not clear. But if you are asking when would you agree to a SOL for amended return that you have power of attorney over I think the answer is when it makes sense to do so. It was explain... See more...
Question is not clear. But if you are asking when would you agree to a SOL for amended return that you have power of attorney over I think the answer is when it makes sense to do so. It was explained to me once that if you don't agree they will close the audit before the expiration and you may not like their adjustments.  At that time you will then be given a choice to accept or appeal.  So make sure that you want to be given that choice. I think we will see this more and more as IRS just get further and further behind.    
Explanation is that the law doesn't penalize for money that was received that you weren't entitled to. Her ex gets to keep the money because they gave it to him. She gets the money because for 2020... See more...
Explanation is that the law doesn't penalize for money that was received that you weren't entitled to. Her ex gets to keep the money because they gave it to him. She gets the money because for 2020 they are dependents on her return. There are many things in this that will seem that they aren't fair or aren't right.      
You state no physical property and then also state computers etc. Look up sale of business intellectual property (specifically goodwill) and see what you find and what you believe to be the case wit... See more...
You state no physical property and then also state computers etc. Look up sale of business intellectual property (specifically goodwill) and see what you find and what you believe to be the case with this deal.  This should tell you where to report it.