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Form 8615 Tax calculating incorrectly.

7890
Level 3

I have a Form 8615 with Line 14 amount $1550. Client has no dividends, cap. gains interest etc. Line 15

is calculating tax of $1,018 on that amount??? At 10% shouldn't it be $156??

 

Any ideas? Thanks!

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rbynaker
Level 11

Another poster mentioned that you have to activate the Schedule D and then magically the math gets fixed.  I'd throw this into a spreadsheet and independently calculate the tax until ProSeries starts getting the right answers.

Personally I wouldn't be in a rush to file this until Intuit actually comes out with a fix.  There are a scary number of bugs this year.

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6 Replies 6
rbynaker
Level 11

Another poster mentioned that you have to activate the Schedule D and then magically the math gets fixed.  I'd throw this into a spreadsheet and independently calculate the tax until ProSeries starts getting the right answers.

Personally I wouldn't be in a rush to file this until Intuit actually comes out with a fix.  There are a scary number of bugs this year.

View solution in original post

7890
Level 3

Thanks for the info, but I have nothing to enter on the Schedule D- What would activating it do?

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7890
Level 3

Thanks that worked! Wonder what else is lurking out there this year!

7890
Level 3

Thanks that worked!  Will try tech support to fix but not optimistic based on past experiences!

PATAX
Level 9

Read the post on kiddie tax and unemployment craziness. I believe there may be a solution there for you.