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ProSeries Form 1041 Sch D line 18c "28% Rate Gain Worksheet" lines 5 and 6

lyle-gregory
Level 1

ProSeries Form 1041 Sch D line 18c "28% Rate Gain Worksheet" lines 5 and 6 are supposed to be transferred to the form as a negative number as shown on the IRS worksheet.  ProSeries transfers the figures as a positive number, which then flow incorrectly to Schedule D line 18c.

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Just-Lisa-Now-
Level 15
Level 15

You are the third person to report this here in the messageboard that I've seen.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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5 Comments 5
Just-Lisa-Now-
Level 15
Level 15

You are the third person to report this here in the messageboard that I've seen.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Allan at Intuit
Level 4

This issue is fixed in an update available today, February 27, 2019.  Please run program updates for the current version.

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Allan at Intuit
Level 4

This issue has been reported to our development team.

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ShetenhelmCPA
Level 1

I am trying to do a trust tax return and it is calculating capital gain and depreciation recap on a rental incorrectly - it is including in the capital gain the amount of 1250 depreciation recap - and it is adding in the recap - adding additional income

It is not an easy tax return - have a rental sale that has never been depreciated - so 3115 to catch up depreciation - and then the large 482 adjustment to catch up 20 years of depreciation - on a corporate or partnership return there would be an ordinary loss - and that would net with the depr recap - this seems to be taking the rental loss away from each cap gain and 1250 recap - it is not calculating correctly - but if it was ord income loss - it would net with the depreciation recap and you would get the capital gain favorable rate on the income left over

 

first of all - needs to be adding correctly - but when you allocate the loss can you put it against the larger tax - the depr recap? 

 

I have done all my updates and refreshed them a couple times - and it is still adding up incorrectly - in 2020 proseries 2020 software

 

please help!

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ShetenhelmCPA
Level 1

I went into the schedule D cap gains and losses page and under 18 b I allocated zero to the beneficiaries - it put the number on the estates or trusts column 2 - and it is now not showing up on my k1's or on the trust - I am assuming since it is an ordinary loss from loss on rentals that it can be netted 1st with the 1250 recap and only leave capital gain long term treatment - I had a small amount of short term capital gain too - and it got rid of that after I allocated the 1250 gain to the trust - and the trust doesn't owe anything on it - so I believe the return to be correct

 

to bad I can't charge for the many hours the software spent me doubling up this calculation 

 

pretty certain I am good now

 

would love to hear your response

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