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Best Answer Click here
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The standard deduction, is the standard deduction. You don't increase it unless you hit age 65 or go blind.
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Slava Ukraini!
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https://www.irs.gov/pub/irs-pdf/i4684.pdf
Qualified disaster loss. A qualified disaster
loss is an individual’s casualty or theft loss of
personal-use property that is attributable to a
major disaster declared by the President under
section 401 of the Stafford Act in 2016, as well
as from Hurricane Harvey, Tropical Storm
Harvey, Hurricane Irma, Hurricane Maria, or the
2017 California Wildfires. If you suffered a
qualified disaster loss, you are eligible to claim
a casualty loss deduction, to elect to claim the
loss in the preceding tax year, and to deduct the
loss without itemizing other deductions on
Schedule A (Form 1040). See Pub. 976 for
more information.
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I could do this if filling out the form by hand.
I'm asking how to do it using ProSeries Basic software.
I can't get it to enter the descriptions on the line.
From IRS instructions for Schedule A line 16:
Increased Standard Deduction Reporting
If you have a net qualified disaster loss on Form 4684, line 15, and you aren’t itemizing your deductions, you can claim an increased standard deduction using Schedule A by doing the following.
List the amount from Form 4684, line 15, on the dotted line next to line 16 as "Net Qualified Disaster Loss," and attach Form 4684.
List your standard deduction amount on the dotted line next to line 16 as "Standard Deduction Claimed With Qualified Disaster Loss."
Combine the two amounts on line 16 and enter on Form 1040, line 8.
Do not enter an amount on any other line of Schedule A. For more information on how to determine your increased standard deduction, see Pub. 976.
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I ended up with a Sch A Itemized Deduction Explanation statement at the end of the return that showed:
Line 28 Other Misc. Itemized Deductions not subject to 2% limitation.
Net Qualified Disaster Loss 24047
Standard Deduction Claimed with Qualified Disaster Loss 12700
and the total of 36747 showed up on Line 29 of Sch A and well as Line 40 of the 1040.
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I don't have any 2018 clients with federal disaster losses, sorry.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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when enterring your casualty loss you have to check box E federal declared major disaster.. For Hurricane IDA on Line J you have to enter DR-4611
The program will automatically add your standard deduction to your casualty loss
however.. i have this one client that it double dipping. and I dont know why. it is adding the deduction of schedule A with the casualty loss plus adding the casualty loss.. do it is claiming loss twice..
dont know how to fix this. If i click that it isnt a federal declared disaster. it doesnt allow me to deduct the loss.. anyone have this issue?
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ignore my comment on double dipping. i suppose it just seemed so high! but when i added the loss and the standard deduction it came out to that!