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10/11 ProSeries Ask an Expert session (2pm-5pm EST)

AshleyatIntuit
Employee
Employee

10/11 ProSeries Ask an Expert session (2pm-5pm EST)

Welcome to the ProSeries Ask an Expert post.  Please use the answer question button to ask your question and use the tag "Question:" followed by your question.  Experts will use the comment field to respond to your questions. 


PLEASE scroll to the bottom of the post and hit "Contribute an answer" to ask your question (or "I can Answer" depending on your view)  (Helps to ensure we see each question)


This post will remain live until 5pm EST


This post is now closed.  Please join us tomorrow for a new session of Ask an Expert

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1 Solution

Accepted Solutions
abctax55
Level 15

How's Annette doing this afternoon?

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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44 Replies 44
abctax55
Level 15

How's Annette doing this afternoon?

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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sjrcpa
Level 15
:laughing::laughing:

ex-AllStar
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Turtle43
Level 3

I want to THANK Intuit and ALLSTARS for helping to clarify, give tips on areas to look into for all my questions!  I REALLY APPRECIATE all of you!  Have a great rest of the day.

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iamtired
Level 1

I just read:

https://accountants-community.intuit.com/articles/1606009-completing-form-9465-installment-agreement...

Does this mean the client can't make an initial downpayment together with the e-filed 1040 and 9465?

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AshleyatIntuit
Employee
Employee
That is correct, this is a change for this year.
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iamtired
Level 1
Ugh. Thanks for the info.
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mabletoncpa
Level 1

QUESTION: When I open PS on another computer to print worksheets I get an Error 5 and its requiring me to also pay for an additional state when that state has already been licensed - on the original computer. Please advise asap.

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Alee-W
Employee
Employee
Please update the ProSeries program by selecting the Updates menu, and choosing the option to Update installed products. Once you have done that, re-license the program. This will be done by going to the Tools menu, and License Products. This should resolve the error for you.
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mabletoncpa
Level 1
We rebooted the PC and opened PS and now it is doing the automatic updates.  We will wait.  We couldn't do it before.
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mabletoncpa
Level 1
I believe that worked.  We tried to install updates before and it would not work.  It does now.  smh Thanks.
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Alee-W
Employee
Employee
You are welcome :). I am glad I was able to assist.
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Turtle43
Level 3
Is there where we ask questions?  I have a question related to a College Kid (dependent of his parents AGI >$300K)  who was 19 in 2017. He has W-2 $1905 and has UTMA 1099-DIV of Dividends and Capital Gain Dist of $9,993. I have determined he needs to file his own tax returns by paper to report W-2 and 1099-DIV and will have Form 8615 attached to his Form 1040.  
 For College Expenses $13K (Form 1098T), he uses $3K (Form 1099-Q) from 529 Plan to cover and the rest the parents paid for his college expenses

Rationale: since he is 19, UTMA has become his own account and he has to file his own tax return (still a dependent of his parents) to get refunds plus report his Div and Cap Gain Income.

Question 1: Is my rational about his own tax return correct?
Question 2: Could I use the Form 1098-T and 1099-Q in his tax returns and may get some American Opportunity Credit since his parents will not qualify?

Thanks!

 
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AshleyatIntuit
Employee
Employee
Yes this is where you ask.  Let's see if we can assist, one moment.
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Matt105
Level 4
Since that is more of a tax law related question than it is program usage, it gets outside the bounds of what ProSeries experts are able to answer.  However one of our Allstars or other tax pros may be able to assist.
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AshleyatIntuit
Employee
Employee
You can post this out on the main feed page.... here is a link to get your new question started, just fill in the fields. https://accountants-community.intuit.com/questions/new?question%5Bcached_question_tag_list%5D=&quest...
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IRonMaN
Level 15
1 - yes
2 - no
Fast food was too difficult. Collecting aluminum cans seems to be the right fit. Call me if you have any - 867-5309.
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Turtle43
Level 3
Thanks, IRonMaN. No, the 1098-T and 1099-Q has to stay with parents' tax returns because parents are supporting the college age son?  That means not qualified for AOTC. Thank you.
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AshleyatIntuit
Employee
Employee
Thanks @IRonMaN you rock!!
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rbynaker
Level 11
I think you'll need the Kiddie Tax form (is it 8615? or is that the one for adding the income to the parents return, I forget...)

Why do you have to paper file the kid's return?  EF should be fine, either way though you have to mark the box that taxpayer can be claimed as a dependent to block the exemption.

Rick

Edit:  Sorry, I somehow missed the 8615 mention in your original post.  Ugh, one of those days where I'm finally getting lunch at 3:30pm.
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Turtle43
Level 3
If I keep 19 year old as dependent on parents' tax returns, I have the option to efile the parents OR the kid's return, right?  I cannot efile 2 tax returns with same SSN. Unless there are changes in the program to specifically allow that.
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IRonMaN
Level 15
You can e-file both.  Claiming the kid as a dependent on the parent's return isn't going to affect e-filing the kid's return.
Fast food was too difficult. Collecting aluminum cans seems to be the right fit. Call me if you have any - 867-5309.
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Turtle43
Level 3
REALLY?  I thought I had issues with adult kids claiming parents on tax returns and I efiled the parents (dependent's tax returns first) and was not able to efile the adult kid's tax returns. That was a mistake as the adult kid tax returns was "thick"/more complicated than the parent's 3 pages 🙂
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rbynaker
Level 11
The issue is when the kid's off at college and runs his $1,900 W-2 thru TurdoTax and claims his own exemption.   Then the parents cannot efile and claim a dependency exemption so they have to paper file and let the IRS sort it out later.
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taxiowa
Level 7
Level 7
The child can claim the AOC if the parents don't claim them as dependent and child does not claim himself.  You have to answer both questions on students return.  Yes child could be claimed by another and then No child was not claimed by another.  And both returns can be efiled.  Nobody gets to claim little Johnnie but Johnnie does get the AOC.  He would most likely not be eligible for refundable portion however.
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rbynaker
Level 11
I don't run into kiddie tax much but yeah, I guess if the kiddie tax that gets offset by a non-refundable AOTC on Johnnie's return is more than the tax increase on the parents 1040 by not claiming Johnnie then there would be some tax savings there.  Lots of factors to consider including how state rules might come into play.
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taxiowa
Level 7
Level 7
@Turtle43 The 1099Q stays with whoever withdrew it for the tuition.  The SS# on the 1099Q determines whose return it belongs.  But 1098T goes to either one.  See previous post.
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AshleyatIntuit
Employee
Employee
Thank you @rbynaker and @taxiowa and @TaxGuyBill  for all your assistance with these questions!
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Turtle43
Level 3
Thanks, taxiowa!

There is Little Betty-Sue in this same family who is junior in high school (age 16) and she lives at home. She also has UTMA and Div+Cap Gain Distribution is $6,050. In this case, I will check her filing separate return and still be dependent in his parents tax return (meaning paper file) vs using Form 8814 Parents Election to report Child's Interest and Dividends. Much lower tax, no point not letting parents take her dependent exemption, correct?
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rbynaker
Level 11
PS: Another factor to consider, the increased cost of tax prep for having to fill out an 8867 for the AOTC. 🙂
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Turtle43
Level 3
How much do people charge for Form 8867? It warrants higher charges due to risk for tax preparer! I don't charge enough.
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Turtle43
Level 3

Is there a way to STOP depreciation (meaning take $0 depreciation) for 2017 in 2017 PS for a rental Property instead of going back to 2016 PS to mark the box  in Schedule E Worksheet Taxable Disposition and then Asset Entry Worksheet the disposition date and then transfer to 2017?

This is when a rental home stopped being rented but not sold yet.

I am asking this because I did not mark in 2016 PS and now already almost done with 2017!  Trying to see if there are any options. I used 1/1/2017 as disposition date and it still calculates a little depreciation. 

In my case, the home was sold a few months after it stopped being rented.

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TaxGuyBill
Level 14
Just delete the Asset Entry Worksheet.
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IRonMaN
Level 15
But print it out first so that you have it when the property is actually sold.
Fast food was too difficult. Collecting aluminum cans seems to be the right fit. Call me if you have any - 867-5309.
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Turtle43
Level 3
I can't delete Asset Entry Worksheet because the property was actually sold in 2017.  My thought is I shall copy the PS Basic returns to PS Pro, then I can delete the tax return from Basic 2017, go make the depreciation stop date in Basic 2016 to 12/31/2016, then re-transfer the tax return from 2016 Basic to 2017 Basic. Then use the info in PS Pro 2017 as a guide to re-do the 2017 Basic but at least I can do Pro and Basis side by side and copy the info and not have to go back to look at all the tax docs.
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TaxGuyBill
Level 14
I would (1) print it out so you have the proper information, (2) delete it, then (3) enter the sale on the "Enterable 4797".
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TaxDebbie
Level 2

On 8824 for a 1031 exchange - Is the FMV the same as the Sale Price from an escrow statement?  This purchase is a Condo w no land value.  Do I need to deduct items like taxes and Homeowner's Insurance that can be written off on the Schedule E?

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AshleyatIntuit
Employee
Employee
@TaxDebbie This is more along tax advice as well.  I see you posted this is in the main community string, would any of you guys be able to help? @rbynaker @taxiowa @IRonMaN @TaxGuyBill  with this post: https://accountants-community.intuit.com/questions/1757095-when-recording-a-1031-exchange-is-the-fmv...
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TaxDebbie
Level 2
Thank you for answering - I was not sure what this "Ask an expert" session covered, tax advice or program information, and so now I have my answer.  PS Figuring out how to get this question to you was very difficult.
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sawas25
Level 3

An client wants to efile their 2016 1040 return today but the 2016 IP PIN provided results in a reject even though the PIN is correct. How would someone retrieve an IP Pin for an prior tax year to efile that return?

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AshleyatIntuit
Employee
Employee
The IP PIN changes every year.  So I would advise them to reach out to the IRS on that one.
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sawas25
Level 3
So that PIN would be invalid because it was for 2017 tax year filing and we are in 2018?
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Alee-W
Employee
Employee
Correct, if the client will be issued a new IP Pin for each tax filing year. Here is a link to some additional resources on the IRS website, regarding next steps for the tax client.


https://www.irs.gov/identity-theft-fraud-scams/frequently-asked-questions-about-the-identity-protect...
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Turtle43
Level 3

Is there a good PS "procedural" step by step on how to tackle a rental that stopped being rented and sold later in the year and taking $500K (MFJ) Cap Gain Exclusion?  Here are my thoughts...

Mark Taxable Disposition in Schedule E Worksheet, Enter Disposition Date on Asset Entry Worksheet, along with sale price, sales expenses, LINK the Asset Entry Worksheet to Home Sale Worksheet and fill out the form.  

I followed my own instructions but I still see a Taxable Gain in Schedule D which I think should not be.  The gain on sale is less than $200K but I see $45K or so in Schedule D.  Will check more later. 

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abctax55
Level 15
How long was this rental a rental, after your client moved out?  
Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
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