My client has to file 32 state tax returns. Last year, ProSeries couldn't handle this. The software blew up and I had to print and mail paper tax returns. How can I avoid the same problem this yea...
See more...
My client has to file 32 state tax returns. Last year, ProSeries couldn't handle this. The software blew up and I had to print and mail paper tax returns. How can I avoid the same problem this year? Once Federal is final, can I save a duplicate copy of the file and prepare half of the state returns in the second file? I would have to manually enter the credit for nonresident state taxes on the resident state tax return. But, would ProSeries allow the second file with the same SSN, name, address? If no, do you have any other suggestions for avoiding last year's nightmare?
This is the wording of the K-1 footnote: "Section 1061 provides that all or a portion of the long-term capital gain reported on line 9a of your Schedule K-1 may need to be recharacterized as short-t...
See more...
This is the wording of the K-1 footnote: "Section 1061 provides that all or a portion of the long-term capital gain reported on line 9a of your Schedule K-1 may need to be recharacterized as short-term capital gain to the extent that the gain is from assets held three year or less and is with respect to an applicable partnership interest. The portion of the gain reported on line 9a that is from assets held three years or less and is associated with an applicable partnership interest is: $58,433". From this wording, I believe the partnership has made the determination that $58,433 must be treated as a short-term gain. My question was how to report this on Intuit. Please see my original message - do I just change the box 8 and 9a amounts? Is there any disclosure needed of this change? Thank you.
I have a K-1(1065) for an individual client with a footnote indicating that $58K of the amount in box 9a is from assets held three years or less that is associated with an applicable partnership inte...
See more...
I have a K-1(1065) for an individual client with a footnote indicating that $58K of the amount in box 9a is from assets held three years or less that is associated with an applicable partnership interest. For ProSeries Professional input, can I just subtract $58K from the box 9a (long term) amount and add $58K to the box 8 (short term) amount? Is any disclosure of the change needed on the individual tax return? Thank you.
I'm preparing an individual tax return on ProSeries for husband/wife 50/50 owners of an S corp. The husband is the 100% owner of two single-member LLCs, each of which owns a property that is rented ...
See more...
I'm preparing an individual tax return on ProSeries for husband/wife 50/50 owners of an S corp. The husband is the 100% owner of two single-member LLCs, each of which owns a property that is rented to the S corp. Reg Sec 1.199A-1(b)(14) provides that a self-rental can be treated as a trade or business for Sec 199A. Is there an election statement or some form of disclosure for this? Should I include a statement like the one required by the aggregation regs (Reg Sec 1.199A-4(c)(2))? Does ProSeries include an Aggregation disclosure statement? Thank you.