Iowa starts with Federal taxable income which is already reduced by the education deduction. Then on schedule sch 1 as an adjustment to federal taxable income the education deduction is taken again....
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Iowa starts with Federal taxable income which is already reduced by the education deduction. Then on schedule sch 1 as an adjustment to federal taxable income the education deduction is taken again. What ever you put in for your federal deduction is doubled on Iowa up to the Iowa $500 limit.
Lacerte is adding back the entire 2021 child tax credit from form 8812 as a deduction on the 2022 IA tax return line 31 including the advance payment. This is not correct. Example - total child tax c...
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Lacerte is adding back the entire 2021 child tax credit from form 8812 as a deduction on the 2022 IA tax return line 31 including the advance payment. This is not correct. Example - total child tax credit from 2021 8812 is $4,000, 2021 advance payments $1,000 so $3,000 refundable credit on 2021 1040 line 28. Lacerete is adding $4,000 to the federal tax deduction on the 2022 IA line 31. Am I correct?
I'll leave the screen shot to someone else. The error code reads as follows: "e-file: There must be a credit for child and dependent care expenses on schedule 3 for e-file purposes when a form 2441 ...
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I'll leave the screen shot to someone else. The error code reads as follows: "e-file: There must be a credit for child and dependent care expenses on schedule 3 for e-file purposes when a form 2441 is present in the return. This return must be filed on paper. (ref. #58266)
Sorry. Contributions made through an employer in W-2 box 12 code W. They are going to withdraw it by the due date. I know it needs to be added back to income but I have never had one so I wondered i...
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Sorry. Contributions made through an employer in W-2 box 12 code W. They are going to withdraw it by the due date. I know it needs to be added back to income but I have never had one so I wondered if it should be added back and included in wages on the return like an excess 401 (k) or if it goes in other income. There is the excess salary add back in Lacerte but nothing specific for HSA's. I did what I should have done in the first place and looked in publication 969 and found that it should be added back as other income.
I have not heard anything back from Lacerte. Very disappointing after the the person told me she would call me back. I have not checked the program lately to see if it is fixed.
WashCPA, Just tried your method of putting negative one in the basis schedule for the interest expense. it works except it increases the basis by $1.00. It leaves the interest expense off line 4b t...
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WashCPA, Just tried your method of putting negative one in the basis schedule for the interest expense. it works except it increases the basis by $1.00. It leaves the interest expense off line 4b though which is good. My way works except the interest expense still shows on line 4b. Either way it's not a big deal. You could always deduct the $1.00 if you want basis exact. That line in the basis worksheet to input Business interest expense included in current year income or gain is new and there for a reason. My partnership has a loss. They just need to fix this. In the meantime I may have to force the basis schedule. I looked and i don't see that it creates any problems. That's all I got! Good luck.
You are correct. The basis schedule is wrong for partners not subject to 163(j) limitations. It decreases basis for the partners share of the interest expense twice, so basis is incorrect by the part...
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You are correct. The basis schedule is wrong for partners not subject to 163(j) limitations. It decreases basis for the partners share of the interest expense twice, so basis is incorrect by the partners share of the interest expense. I fixed mine by going to the partner basis worksheet and inputting the correct numbers. The interest expense still shows up on line 4b but does not carry into line 10 so basis is correct. I will try what you did and see if it works for me. That will be interesting. As I posted earlier I spoke with Lacerte help. They could not resolve the problem which I understand because I believe it is a programming issue. The person told me she would look into it with others. I asked her to get back to me but I have heard nothing and it has been almost a week I think. That is a little disappointing. She could at least call me back and let me know they are trying if they are.
Can you attach Form 8828 (not included in Lacerte) using a PDF attachment? I would put Form 8828 in as Description of file and link it to the main form. If not I don't believe I can e-file this return.
I could not get the e-mail service request to work. But I called and talked to customer service. The person is not a tax specialist but we spent some time trying to figure out why it is calculating ...
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I could not get the e-mail service request to work. But I called and talked to customer service. The person is not a tax specialist but we spent some time trying to figure out why it is calculating that way. One thing we noticed is that in the partner basis worksheet there is a place to enter "Business interest expense included in current year income or gain" which is new this year. An entry here would have seemed to enable me to make the basis correct but it did not go anywhere on the basis worksheet. However when I entered all the basis information manually (without any special entry for the interest expense) to the worksheet I get the correct basis even though the partners share if interest expense still shows up on line 4b of the worksheet. The service rep is going to check on this and give me a call. I suspect this is a software issue that needs to be addressed. I was not speaking with a software expert. I will keep you posted. I would be interested to know if anyone else has had this issue. I would think so unless no one else keeps track of basis.
It was me. I didn't get any reply's so I thought my title and explanation were not very good. So I tried again. At least I got a response this time! I'm thinking it is a software issue.
The partnership and it's partners are not subject to sec 163(j). The partners basis is being reduced on the basis worksheet by the interest expense in addition to being reduced by the loss which incl...
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The partnership and it's partners are not subject to sec 163(j). The partners basis is being reduced on the basis worksheet by the interest expense in addition to being reduced by the loss which includes the interest expense. The interest expense is entered on line 4b of the worksheet. Since there was a loss nothing there is nothing on line 4a for partnership income. Then since line 4a less 4b is less than zero, the interest it is added to line 10 which is the partnerships loss. The result is a reduction of basis for the interest twice. Does the program need updated or am I missing something?