Hello I have a couple that are residents of Indiana and Illinois the taxpayer lived in Indiana and the spouse live in Illinois both the entire year. They both worked in Illinois. Please explain h...
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Hello I have a couple that are residents of Indiana and Illinois the taxpayer lived in Indiana and the spouse live in Illinois both the entire year. They both worked in Illinois. Please explain how this in entered in ProSeries. Thank You in Advance. Barb
Hello This is my clients second year filing a schedule C. Year one he had a profit of $1200.00. This year his income from the business was only $800. However, he paid over $31,000 in marketing expen...
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Hello This is my clients second year filing a schedule C. Year one he had a profit of $1200.00. This year his income from the business was only $800. However, he paid over $31,000 in marketing expenses my concern is there a limit on how much of a loss can be deducted on a schedule C? He had no startup expenses the first year. Thank You BG
Thank You for your response Tax Guy Bill My clients dependent had no income. The parents taxable amount from the 1098T is $5455. Is this now taxable to the parents. If so where do I enter it in ProS...
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Thank You for your response Tax Guy Bill My clients dependent had no income. The parents taxable amount from the 1098T is $5455. Is this now taxable to the parents. If so where do I enter it in ProSeries? Barbara G
Hi Everyone Client has a 1098-t for their dependent. After entering everything ProSeries is showing that the taxpayer doesn't qualify for the AOTC. Is that because the box 1 tuition is $14,304 and b...
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Hi Everyone Client has a 1098-t for their dependent. After entering everything ProSeries is showing that the taxpayer doesn't qualify for the AOTC. Is that because the box 1 tuition is $14,304 and box 5 for scho/grants. It indicated that the taxable amount is $4455. If this is true how does it flow to the 1040. Not sure how this to complete this in ProSeries. Please help thank you in advance Barbara G
Hi everyone! My client had a major house fire in 2023. However, the last time that I prepared a Casualties and theft loss was in in 2010. I keep running into that the loss must be declared a federal...
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Hi everyone! My client had a major house fire in 2023. However, the last time that I prepared a Casualties and theft loss was in in 2010. I keep running into that the loss must be declared a federal disaster. if so, how this now treated. Please help. Thank You Barbara G
Hi Everyone My client has a 1098-T for his dependent son. When entering box 1 for 6,000.00 and $11,068. in box 5 scholarships and grants. After everything was enter the Education credit was zero....
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Hi Everyone My client has a 1098-T for his dependent son. When entering box 1 for 6,000.00 and $11,068. in box 5 scholarships and grants. After everything was enter the Education credit was zero. Is this correct? Does the scholarships grant reduce the credit? Thank You in advance. B Green
The only thing different this year my client took a distribution from his retirement account to cover some legal fees. This put him over The limitation Thanks for your comment B Green
My Client this year has a AGI phaseout on his rental properties all single family homes. There AGI this year is $188,000.00 The limit is $150,000.00 for MFJ. They now owes $17,000.00 are there ...
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My Client this year has a AGI phaseout on his rental properties all single family homes. There AGI this year is $188,000.00 The limit is $150,000.00 for MFJ. They now owes $17,000.00 are there any new exceptions that I maybe able to use this year. Thank you in advance B Green
Thank You for your response They don't have a home office, only used it during the pandemic 11 months. I do realize that the 2106 is no longer allowed. Was checking to see if there was anything new...
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Thank You for your response They don't have a home office, only used it during the pandemic 11 months. I do realize that the 2106 is no longer allowed. Was checking to see if there was anything new because of covid. I will look into the state for credits if any. signed Just checking
Client worked from home for the entire year during the pandemic. Are there any credits allowed for extra expenses incurred while working from home ( electricity,phone usage etc). Thank You B Green
Hello Pro Series Team I have a client that has over 12 single family houses (rentals). I currently have a loss of -17,799.00 with all properties combined. My final entry to make is a expense of $10...
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Hello Pro Series Team I have a client that has over 12 single family houses (rentals). I currently have a loss of -17,799.00 with all properties combined. My final entry to make is a expense of $10,411 and $14,000. These expense are for major repairs to the sewer water line in the basement and in the backyard of the property. Not sure if I should expense the repairs or depreciate it for 27.5 Thanks in advance B Green
Good Morning I Have a client that rented out their Condo for the entire year. When its rental property can the Monthly assessments be written off as an expense? Thank you in advance, you guy's are...
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Good Morning I Have a client that rented out their Condo for the entire year. When its rental property can the Monthly assessments be written off as an expense? Thank you in advance, you guy's are great! B Green
Just did my updates entered the unemployment amount in Proseries Basic. Sorry not finding the worksheet to enter the $10,200. adjustment. ( other income ) as per the instuctions. Please help I have ...
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Just did my updates entered the unemployment amount in Proseries Basic. Sorry not finding the worksheet to enter the $10,200. adjustment. ( other income ) as per the instuctions. Please help I have set aside today to do my clients with Unemployment Thank you B Green
After entering amount for the rental property this is a 2flat building. The owner lives on the 1st floor tenant on 2nd floor. The Schedule A of 50% is not flowing to the Schedule A. Do I make the a...
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After entering amount for the rental property this is a 2flat building. The owner lives on the 1st floor tenant on 2nd floor. The Schedule A of 50% is not flowing to the Schedule A. Do I make the adjustment or is it suppose to automatically flow to that Schedule. Thank You B Green
Good Morning Well here it is, havent done rental property in a while. Depreciating a 2 flat unit building Client doesn't know what the land cost is, on the closing statement it shows the combined c...
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Good Morning Well here it is, havent done rental property in a while. Depreciating a 2 flat unit building Client doesn't know what the land cost is, on the closing statement it shows the combined cost. How do you determined what the land cost is? Is there a chart or formula to calulate the land cost? Thanking you in advance. B Green