Kevin425
Level 2
05-02-2020
06:11 PM
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Adjustments can be manually entered for line 16, but Form 1116 instructions require maintaining separate limitation loss accounts and attaching a statement to Form 1116 showing the balance in each separate category. The return from my client's previous tax preparer includes a statement that appears to have been generated by tax software, but I don't see any way to maintain or generate this statement in ProConnect.
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itonewbie
Level 15
05-02-2020
06:30 PM
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No. You will need to compute any SLL/OFL/ODL as well as recapture outside of PTO. Manual adjustments will need to be made and the account you keep must also be attached manually.
I recall GoSystem RS does have limited capability to capture some of the details but it's not perfect either.
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Kevin425
Level 2
05-04-2020
11:21 AM
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Thank you for confirming. I also looked in Miscellaneous Forms in PTO for a loss accounts form and didn't find anything. I can create a form with the required loss accounts information and attach it to the return, but if you happen to know of a source of fillable PDFs for this purpose, let me know - thanks!
itonewbie
Level 15
05-04-2020
11:46 AM
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We prepare our own. Not aware of any template out there.
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