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Does turbotax 2012 business allow the closing of the books

method thereby computing k-1 automatically-the...
Does turbotax 2012 business allow the closing of the books method thereby computing k-1 automatically-the scenario is a 50% shareholder was bought about out 1/2 way thru the year by the other 50% shareholder. If turbotax wont do it do you have an alternate comparably priced alternative?
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Answered in 17 hours by:
10/5/2016
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,773
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from just answer. PDtax again.

I see you are still looking to resolve your tax filing question. Finding 2012 solutions you buy yourself will be hard to do.

I suggest using a local tax pro to complete your 2012 return. There are not many alternatives for buying old software for non professional use. We use ATX, which does allow the overrides you need, but it is not typically available for one return.

Thanks again for asking at just answer. Positive feedback is appreciated. I'm PDtax.

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Customer reply replied 1 year ago
What is atx i have a Cpa background and may be able to get a trial -do you have website and pricing info for atx? By override do you mean auto compute or just the same thing as turbotax?

https://www.cchsfs.com/professional-tax-software/atx.aspx will get you started.

Since you are a tax pro, buying prior year pro software is an option. They also have a low volume pay per return option.

Just as a disclaimer, we aren't allowed to recommend any products on the site.

PDtax

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Customer reply replied 1 year ago
Excellent 1)does it allow import of quickbooks data 2)does it auto calculate k-1 for closing of books method?

I believe yes to both.

Please rate my assistance to close out your request. I'm PDtax.

PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,773
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Customer reply replied 1 year ago
Can you confirm?

QuickBooks date does directly import.

The K-1 options include the override option I discussed, and the traditional allocation methods. I did not see an automatic option for a "closing of the books" method in my version of the software.

Thanks again for using Just Answer. Positive feedback is appreciated, as is a bonus for the extra time. I'm PDtax.

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Customer reply replied 1 year ago
ya dont really have an alternative for me?

The closing of the books method is not standard to the software options we discussed. Since an override option in the second software does allow for the preparation method, after QuickBooks import, I believe I did offer a usable alternative. Since your QuickBooks files are not prepared in a closing of the books method anyway, any such allocation would have to be manually done anyway regardless of tax software used for import and processing.

Thanks again for your questions. Please rate when we are finished. I'm PDtax.

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Customer reply replied 1 year ago
Hmmn maybe its semantics -What do you mean by manual override? Does it allow me to answer a question wether i am using the closing of books method for the k-1 and fill in info or how does it work "manually"?

You can manually allocate any K-1 items on a master allocation sheet.

https://cs.thomsonreuters.com/ua/ut/2015_cs_us_en/pus/faq/alloc_ptr_distributing_amount_using_proration_example.htm offers a great example of how to do the math.

There is not an election box on the K-1 to report the allocation method. I suggest a blank attachment sheet in which you discvlose the method, if you wish, and cite the reg, 26 CFR 1.706-1 - Taxable years of partner and partnership. Here's a link: https://www.law.cornell.edu/cfr/text/26/1.706-1

Thanks again. Please rate when we are finished. Positive feedback and a bonus if warranted are appreciated.

PDtax

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PDtax
PDtax
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