Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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!

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
rbynaker
Level 13

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

6 Comments 6
rbynaker
Level 13

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.

PATAX
Level 15

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

7890
Level 3

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

0 Cheers
sjrcpa
Level 15
7890
Level 3

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

7890
Level 3

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