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Lines 15 and 15a. Include on line 15 the sum of: • Any cash paid to you by the other party; • The FMV of other (non-like-kind) property you received, if any; and • Net liabilities assumed by the other party—the excess, if any, of liabilities (including mortgages) assumed by the other party over the total of (a) any liabilities you assumed, (b) cash you paid to the other party, and (c) the FMV of the other (non-like-kind) property you gave up. Line 15a. On line 15a, enter a description of the other (non-like-kind) property received. E-filers don’t have line 12a, 15a, or 25a through 25c on their Form 8824. E-filers must attach a separate sheet to their Form 8824 on which they will report information for those lines. They should write at the top of the sheet, their name and identifying number as they appear on the Form 8824. Reduce the sum of the above amounts (but not below zero) by any exchange expenses you incurred.   Line 18. Include on line 18 the sum of: • The adjusted basis of the like-kind real property you gave up; • Exchange expenses, if any (except for expenses used to reduce the amount reported on line 15); and • The net amount paid to the other party—the excess, if any, of the total of (a) any liabilities you assumed, (b) cash you paid to the other party, and (c) the FMV of the other (non-like-kind) property you gave up over any liabilities assumed by the other party.     in my desktop version (Deluxe) step-mode,  there is a specific page to enter exchange expenses.  first comes page "different property given up"   the next page asks about exchange expenses. 

I found plenty of documentation that backs using market data on the day of transfer to determine FMV but nothing that supports using prior day closing price.  Having an incorrect FMV can be a huge deal with in-kind transfers from IRA to taxable account because the transfer and the sale often times won't occur in the same year, which would result in multiple years of incorrect filings.  And discrepency could be by huge amounts as the market can easily swing a few percentage points any given day, not to mention individual stocks can sometimes move double digit percentages. Especially when large positions are held, as is often the case in retirement accounts, this can really create a problem if the FMV is not calculated/reported correctly.   This is definitely not a small or trivial matter.  HOW are these large brokerages getting away with this, and refusing to justify their actions?  I want to believe there is some actual justification for using prior day closing price but am coming up emtpy so far...

if you did not file a valid extension by now you have incurred a (5% a month for a maximum of 5 months) 25% IRS penalty for late filing (failure-to--file-penalty) + interest this is in addition to the late payment penalties and interest, so it behooves you that pay ASAP. States also have late filing and payment penalties. these penalties are generally figured on the balance due. Technically, the IRS late payment penalty of .5% a month doesn't start until the after the late-filing period ends

Thank you. My question pertains to section L as well as 9a. If $43,361 of my capital investment was distributed back to me why do I have to pay capital gains tax on that specific amount that was distributed? I paid tax on that money before I invested into this venture. For example - if the venture had no income and $43,361 from the beginning capital was distributed, why would I have to pay capital gains tax on that amount? And more importantly tt is having me pay tax on section 9a, which includes $43,361 of my capital investment. It doesn’t make sense why I have to pay capital gains on capital I invested into the venture that was returned to me. 

@user17597544422 wrote: Got it thank you and when you say all worldwide income, should we be reporting her income even before she was in New Jersey (pre-October) in our joint return? I do want to ask another expert about the residency issue @pk   To file jointly, you must treat your spouse as if they were a US resident for the entire year.  That means you report on their federal return, all their world-wide income.  The IRS will give a partial deduction or tax credit to offset double-taxation if she also paid income tax on the same money to the other country.   When you move on to your NJ state return, all the federal income will automatically flow to the state, that includes any foreign income you report on the federal return.   NJ will allow some state-specific additions and subtractions, but you are not allowed to subtract your wife's income from before she physically moved to NJ.  This is because, if you file jointly and you were an NJ resident for the whole year, your spouse is also considered an NJ resident for the whole year.  NJ will give a tax credit for income tax paid to another US state, but will not give a credit for income tax paid to a foreign government.   If you want your spouse's pre-NJ income to not be taxed, you will both have to file using married filing separately status.  That usually results in higher federal taxes, but in this case that might be offset by not paying NJ taxes on income from Canada.   You would have to try it both ways to see.     

There are 2 different 5 year rules.    Yes, the general 5 year clock for all Roth accounts only applies once.   As a technical note, IRA means individual retirement arrangement.  You only have one arrangement, even if you have accounts at more than one broker.  You only need to satisfy the general clock once for your individual retirement arrangement.   Each conversion has a separate 5 year clock that must be met even if the general 5 year clock is satisfied.  However, the penalty for removing converted funds is only the 10% penalty for early withdrawal, and that never applies over age 59-1/2, even if the clock is not satisfied. Technical note: When you do a traditional to IRA conversion, you pay the income tax on the converted amount.  If you could withdraw the converted amount without any penalty, then someone under age 59-1/2 could do a Roth conversion and immediate withdrawal, and avoid the 10% penalty for withdrawing directly from the traditional IRA.  This is why there is a separate 5 year clock on each conversion, to block people under age 59-1/2 from dodging the penalty.  That is also why the penalty does not apply over age 59-1/2 even if the 5 year clock is not satisfied.    

Hi SteamTrain, Thanks for the response.   I know the browser is not the issue, but someone would say did you try another browser,.  But I did have to use another browser because the Illinois K-1-T was not populating when using the Microsoft Edge browser,  Different issue, but I solved that one.   I do realize that I could print out the other fed pages and attach.  But Turbo Tax needs to fix the problem with the program so one can file them correctly and with the correct federal pages attached and not for the user to try and guess what pages need to be attached.  If I decide to e-file the Illinois return instead of mailing it in, is it going to not attach the Federal return pages need or is it going to reattach the Illinois first 2 pages again.

The browser shouldn't make a difference....Unless you are accidentally using the "Online" software, and are not actually using the Desktop H&B.   Yeah, that could be a bug....but since you are using the desktop software, you could just go ahead and select/ print out the Federal forms separately to attach to what you mail in for Illinois.    Go ahead and print two Federal sets....an extra one to save in a folder for future reference.

If you do not have a 1095A for marketplace health insurance, and had no income, you have no need to file an income tax return, and nothing to gain by doing so.     Who has to file? http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F  

If you do not have income of any kind, there is no reason to file a federal tax return.   Unless you received a Form 1095-A for your health insurance through one of the State Marketplace Exchanges or from healthcare.gov then you must file a tax return.

Mostly I was quoting charges endured going from Windows 7 to Windows 10. Quickbooks 2018 cost me $449. to upgrade and other software was susceptible to various problems until upgraded. Another would be Visual Basic 6 that is still only about 90% useable on Windows 10 because of missing DLL's. It is a matter of principle that I Don't want any of my data or any program use other than what I have stored on my computer. To me, it is that I trust my computer, not the Cloud. And with that in mind, I don't understand why Turbo Tax desktop is not being upgraded for Windows 10 usability. Seems it forces users to either decide on the Cloud Online or they switch to some other tax accounting software, which isn't easy to find.