I saw someone in a FB group asking why ProSeries doesn't make this adjustment on the 8829 automatically...I didnt think that 8829 was subject to the limit, I thought it got first dibs on the RE taxes, then the remainder that flowed to Sch A was subject to the 10K limitation.
I honestly cant think of any of my clients that the situation would apply to, but I'm wondering if this was something I should have paid more attention to.
Solved! Go to Solution.
There is a nifty worksheet for line 11 (see page 3 of the instructions https://www.irs.gov/pub/irs-pdf/i8829.pdf) Lacerte does not do it either. I think Intuit is hoping IRS doesn't know how to do the worksheet, so we may all get off scott free.
But how do I know if I'm using the standard deduction until Im done with the 8829 and the mort int and taxes flow over to it?
My guess is that ProSeries and Lacerte haven't implemented this because you can run into those "circular calculation" problems where you bounce back and forth between standard and itemized, which then changes the way the 8829 is calculated which then changes whether you should itemize, ad infinitum.
I love that Congress keeps coming up with new and fun ways to put unsolvable math problems into tax preparation.
It's October 10th if I missed something -------- CAGMC.
Did I happen to mention to anyone that I can't post comments using Internet Explorer? Every now and then I pull Firefox out of the closet to post comments, but I'm too used to using IE so that seems like a lot of extra work. I'm really looking forward to having the new community up and running. Did I ever mention that sometimes the anvils take their tool and I post things that really aren't true?
and ex marks the spot where those rocks and anvils hit me.
The first couple weeks of October are a great time to tinker with the programming for things like this. If you wait until later in the month or even November/December then there are too few people around to do the testing for you.
Lacerte gives a diagnostic. Every single one that I did the computation manually on came up with the EXACT same result.
But it did give me something to do /S
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