Kevin425's Posts

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Kevin425's Posts

I just encountered this also. In Depreciation "Additional Disposition Information", entering "1" for short-term puts the asset on line 10 of form 4797.
Thank you for the response, I always appreciate your expert advice @itonewbie!  Some of the capital gains for this return are from the sale of real property in another state.  The sale occurred durin... See more...
Thank you for the response, I always appreciate your expert advice @itonewbie!  Some of the capital gains for this return are from the sale of real property in another state.  The sale occurred during the period of CA non-residency and isn't CA taxable.  In the PTO Dispositions entry, I tried setting CA gain to -1 in the "State, if different" override and was able to generate 540NR Schedule D, but Schedule CA incorrectly shows a column B subtraction for this gain with this method.  Without setting CA gain to -1, Schedule CA is correct with no amount in column B, but 540NR Schedule D isn't generated.  In both cases, the column E taxable CA amount is correct and tax liability is correctly calculated, but I haven't found a solution to correctly generate all the CA forms.  I experimented with the "Percentage of source income" override for CA in Dispositions without success.  If I have to choose, I think I prefer to generate a correct Schedule CA without 540NR Schedule D, but FTB instructions are to complete Schedule D for part-year residents with capital gains.  This return also has capital gains from a partnership pro-rated for the number of days of CA residency, which I set in percentage of source income for CA in the PTO K-1 entry, but this doesn't generate 540NR Schedule D either, even though all CA taxable amounts in Schedule CA column E are correctly calculated.  If you have more ideas for CA sourcing and how to solve this, please let me know!
Schedule D (540NR) is needed for a part-year California resident return, but isn't generated by ProConnect.  How do I create it in ProConnect?
Thank you for the info about the update! I'm still getting the critical diagnostic in ProConnect today, but I'll try again tomorrow.  I see the Lacerte announcement for the final form to be released... See more...
Thank you for the info about the update! I'm still getting the critical diagnostic in ProConnect today, but I'll try again tomorrow.  I see the Lacerte announcement for the final form to be released today, and hopefully PTO will be updated also.
Thank you for the link! I see some good information about form 8990, but I don't see a way around the critical diagnostic in the link.
The CARES Act increased the section 163(j) 30% ATI limitation to 50%, but form 8990 from irs.gov is still revision 12-2019 with 30% and I don't see any indication that IRS will update this form.  Reve... See more...
The CARES Act increased the section 163(j) 30% ATI limitation to 50%, but form 8990 from irs.gov is still revision 12-2019 with 30% and I don't see any indication that IRS will update this form.  Revenue Procedure 2020-22 allows taxpayers to elect to use 30% by filing a tax return with the 30% ATI limitation, so form 8990 rev. 12-2019 can be used as a final form for taxpayers making this election.  However, PTO issues a critical diagnostic indicating form 8990 is in draft form.  I'd like to e-file a return with the 30% ATI limitation using form 8990 that PTO considers "draft" as a final form to make this election.  Is there a way to avoid the critical diagnostic?  It looks like I can e-file with the diagnostic, but the "draft" form is valid in this circumstance and I'd like to eliminate the critical diagnostic and not just ignore it if possible.
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 i... See more...
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!
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 sep... See more...
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.
That solved it.  Thank you!
Foreign tax paid and reported on 1099-DIV is eligible for this election for this taxpayer, but I haven't found a way to suppress Form 1116 from the tax return.