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MFJ Standard Deduction Incorrectly Using TY2021 Value

Level 3

We have MFJ clients who are just above the standard deduction (example: $24,950) for TY2020 but ProSeries is still auto-filling the standard deduction until the itemized deductions go above $25,100 (the standard deductions for TY2021). Is this a known issue?

Just wanted people to be aware. It only fits a few small population, but still an error.

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4 Replies 4
Level 3

As a follow-up, the program will also allow you to take the $300 charitable contribution deduction if the clients are in this range.

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Level 3

Never mind. I understand why now. you will get a bigger deduction if you take the standard deduction and then the $300 charitable credit deduction. Sorry it's been a long season already...

Level 15

"Sorry it's been a long season already..."

But it's all downhill from here 🙃

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
Level 3

Downhill....in a dumpster....that's on fire.....heading for a pool of gasoline.