Thanks, but I wasn't clear that she passed away in 2022. The 1099 is issued to her SSN and name. The TP is filing as single on his 2023 1040. So, how do I report this in PS? Thanks for your help.
TP received a 1099-MISC for his deceased wife's oil royalties. The 1099 lists the decedent's SSN. The royalties were deposited in the TP's joint bank account. How do I enter the 1099-MISC in PS so t...
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TP received a 1099-MISC for his deceased wife's oil royalties. The 1099 lists the decedent's SSN. The royalties were deposited in the TP's joint bank account. How do I enter the 1099-MISC in PS so that the TP pays tax on the royalties? I don't see a section on the 1099-MISC Wks to do this. There will also be a nonresident state return filed for the royalties. Thanks for you help.
Spouse purchased a plug in vehicle that qualifies for the CO innovative vehicle credit. All the paperwork is in the spouse's name. However, PS lists the primary taxpayer and I don't see an option to ...
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Spouse purchased a plug in vehicle that qualifies for the CO innovative vehicle credit. All the paperwork is in the spouse's name. However, PS lists the primary taxpayer and I don't see an option to change the name on the form to the spouse's name. Has anyone been able to correct to change the name on the form to the spouse's name?
Thank you for your help. I understand that additional education expenses need to be entered on the "Student info worksheet", but where? There are no lines to enter additional tuition expenses. The ...
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Thank you for your help. I understand that additional education expenses need to be entered on the "Student info worksheet", but where? There are no lines to enter additional tuition expenses. The only place to enter additional tuition expenses is on the Smart Worksheet on the line that says additional tuition expenses. However, the instructions say that it is only for secondary education and NOT for post secondary education. So, do I still enter the additional college tuition on that line anyway?
TP submitted all college expenses paid for his dependent. The total expenses equal the amount distributed from the 529 plan. Form 1098-T box 1 shows $20,584 tuition paid in 2023 and box 7 is checked...
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TP submitted all college expenses paid for his dependent. The total expenses equal the amount distributed from the 529 plan. Form 1098-T box 1 shows $20,584 tuition paid in 2023 and box 7 is checked stating that box 1 includes amounts for Jan - Mar 2024. Box 5 shows scholarships for $14,000. The net tuition amount paid per form 1098-T (box 1 minus box 7) is $6,584. The TP's information shows tuition paid in 2023 was $18,951. How/where do I enter the additional tuition expenses paid so that total expenses minus $4,000 used for the credit are considered in the 1099-Q qualified expenses? I could add it to the Qualified Elementary and Secondary Tuition Smart Wks in the dependent student info wks, but the additional tuition is for post secondary education. Thanks for your help.
S Corp officer uses a company vehicle for both business and personal use. The officers' W-2 shows the $7K PUCC in box 1 wages, which is correct. The IRS instructions state that greater than 2% offic...
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S Corp officer uses a company vehicle for both business and personal use. The officers' W-2 shows the $7K PUCC in box 1 wages, which is correct. The IRS instructions state that greater than 2% officer's fringe benefits should be reported as Officer Salaries on line 7. The IRS instructions also state that the 1120-S should report the actual auto expenses. How should this be reconciled on the 1120-S? I don't see any specific examples of how to report PUCC on the expense side. Is the personal use amount included on the W-2 box 1 and on F 1120-S line 7, reported as a M-1 item? Or should the auto expenses be reduced by the amount of the officer's PUCC? I guess I'm hung up on the instructions that state the company should report the actual auto expenses. Thanks for your help.
I can't print client FAM reports in FAM 23. When I click on Display Reports, the window isn't populated as in prior years. The FamWin22 and prior years directory has a Reports folder that has a larg...
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I can't print client FAM reports in FAM 23. When I click on Display Reports, the window isn't populated as in prior years. The FamWin22 and prior years directory has a Reports folder that has a large number of reports. FamWin23 Reports folder is empty. I tried copying the reports in FamWin22 to the FamWin23 Reports folder but that didn't work. Curious why this is an issue this year. What is the fix?
I thought the property had to be advertised for rent and since repairs/remodeling were being done, the property wasn't advertised or available for rent. Therefore, according to Pub. 527, the losses c...
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I thought the property had to be advertised for rent and since repairs/remodeling were being done, the property wasn't advertised or available for rent. Therefore, according to Pub. 527, the losses couldn't be deducted for the time period it wasn't available. I guess it's how "not available" is defined. Thanks for your help.
Previous tenants trashed the house and left in September. The owners did repairs and remodel through December. So, I guess it was unavailable during that time.
Preparing a 1065 for a residential rental property that was vacant from September - December for remodel and repairs. Per Pub. 527, a TP can't deduct a loss during the vacancy period. Where in PS do...
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Preparing a 1065 for a residential rental property that was vacant from September - December for remodel and repairs. Per Pub. 527, a TP can't deduct a loss during the vacancy period. Where in PS do I limit the loss? The rental days reported is 247 and the personal use days reported is zero. My understanding is that the remodel and repairs time period isn't considered personal use days. How does PS handle the loss limitation for this situation?
Thank you for helping with this. I thought there was a way to check and make sure that the prior year was closed and ready to be transferred to the next year. If the prior year wasn't closed then I...
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Thank you for helping with this. I thought there was a way to check and make sure that the prior year was closed and ready to be transferred to the next year. If the prior year wasn't closed then I will have to re-enter 2022 disposals and other information in the 2023 program. Also, won't the accumulated depreciation for 2023 not be updated for depreciation through 2022? I'd like to make sure the prior year file is ready so I don't have to spend additional time re-entering prior year information. Thank you.
I am getting ready to transfer prior year FAM clients to FAM 2023. How can I tell if the prior year was closed and ready to transfer? When I open FAM 2022 and open a client file and click on File, ...
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I am getting ready to transfer prior year FAM clients to FAM 2023. How can I tell if the prior year was closed and ready to transfer? When I open FAM 2022 and open a client file and click on File, Client Information, and Dates, the current year shows 1/1/22 - 12/31/22. But that doesn't tell me that the file was closed and ready for the transfer to next year. Also, when I transfer a prior year client file, it asks if I want to prepare the client for next year during the transfer. Last year I selected no because I have additions and disposals to record for the current year. It seems that if I select yes, then the current year will be closed and ready for the following year. Therefore, not allowing me to enter additions and disposals for the current year. Am I misunderstanding the question? Should I select yes and will I still be allowed to enter additions and disposals? Thank you.
You would think the 1120S Shareholder Basis Statement would transfer all of the information over to F 7203 since all the information is on the basis statement. Thank you for your help.
I didn't get an error message saying that F 7203 has to be attached in order to e-file form 1040. Is F 7203 now being included in the e-filing for 2023?
I originally prepared TP's tax return as MFJ. After sending the tax return to the TPs, they said they wanted to file MFS because of the potential student loan forgiveness. Now the client wants the r...
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I originally prepared TP's tax return as MFJ. After sending the tax return to the TPs, they said they wanted to file MFS because of the potential student loan forgiveness. Now the client wants the returns amended to claim MFJ, since the student loan wasn't forgiven. I am trying to figure out if I can use the original MFJ return, that wasn't filed, as the base to amend the 2 MFS returns. It appears that I can't use the MFJ return to prepare the amended return and that I have to use the TP's originally filed MFS and enter all the spouse's info again. Before i go to the extra work, I am wondering if someone else has had this situation and was able to use the originally prepared MFJ return as the base return to prepare the amended return. Thank you.