ATX Software

Question 1

How do you attach a PDF to the federal or state return

Answer 1

While in the return go to E-File menu and select “Attach PDF” which is second option. Choose the document item you are attaching and then click on the attachment icon and attach the related file

Question 2

How do you add penalty and interest charges to a federal tax return

Answer 2

On the 040 select the Page and Worksheet tab. Scroll down towards the bottom, then choose “Late Payment / Filing penalty and Interest (1040). Enter in information as needed on the worksheet as needed. The penalty and interest amounts will show at bottom of 1040, page 2. These penalty and interest are NOT added to the Amount you owe amount on 1040. The only penalty added to the Amount you owe is the Estimated tax penalty which is shown on line 38 of 1040. You cannot over ride the Amount you owe amount on 1040. You CAN change the amount to pay on 1040 EF Info form. You CAN overide the Est tax penalty by jumping to form 2210

Question 3

Where do you enter stock basis on the K-1 for S Corporations

ATX Walkthrough

Answer 3

Go to the K-1 (1120S) input sheet and scroll down. Under the Items affecting shareholder basis you will see a line item titled Distributions. Enter the distributions for that shareholder under that line

Question 4

Where do you enter basis information in ATX software for S-Corp Shareholders and Partnerships partners

Answer 4

For S-Corp shareholders select “form” Sch K1, then go to the Input Tab. In the section titled Stock and Loan Basis, enter in your beginning basis, contributions and other related information. For partnerships you go to Sch K1 (1065), select Input tab and enters partners information related to their capital account

Question 5

In ATX where do you enter distributions given to partners in a partnership or to s-corporation shareholder?

Answer 5

For partners you select Sch K1 from left menu, then select Input Tab. Under each partner’s record you enter the distributions on line (e) under the Partner’s Capital Account Analysis.
For S-Corp shareholders it is similar but you scroll down to the line 16 Items affecting shareholder basis and enter nondeductible expenses, distributions, repayment of loans from shareholder.