ChiHoang
Level 4

It seems line 18 contract price of part I is not calculated correctly.  It equals to line 16 gross profit and line 19 gross profit percentage is always 100%.

How do i get line 19 right ? I try to override it, but it creates error and I cannot e-file.

Thanks for your prompt response. 

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George4Tacks
Level 15

Did you follow all the steps for Prior Installment sale? https://proconnect.intuit.com/community/individual/help/entering-a-prior-or-current-year-installment...

 


Here's wishing you many Happy Returns
George4Tacks
Level 15

What software are you using? If it is not PTO, then maybe @Just-Lisa-Now- can help with PS.

Please be careful when you post. They brilliant people that designed this forum made it more difficult than preparing tax returns. 


Here's wishing you many Happy Returns
ChiHoang
Level 4

I use the desktop ProSeries Basic

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ChiHoang
Level 4

I could not follow the step for prior year installment sale (6252).

My installment sale 6252 information was transferred from prior year sale in 2018. Line 18 contract price (calculated by PS) on form 6252 is equal to gross profit on line 16 (calculated by PS); therefore, my gross profit percentage is 1.0000.  Why is contract price equal to gross profit ? Instead it should be the same as line 5 selling price.

Thanks in advance for your quick response.   

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George4Tacks
Level 15
You are saying some of the numbers did not transfer properly. Correct them. Contract price is essentially the original sales price - find out what that was or back into a number that makes the percentage work out properly. Ask the client how much is still owed on the contract and do some heavy duty math stuff.

Here's wishing you many Happy Returns
ChiHoang
Level 4

I know what the contract price supposed to be. The transfer is correct. Just the software calculation of contract price is incorrect. If i override the contract price, it will create error. How do I e-file with that error of override ?

Thanks

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ChiHoang
Level 4

I'm still waiting for answer to my question.  Can someone help me ?

Thanks

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