The program doesn't have the ability to calculate excess IDC automatically. For passthrough entities, you can enter IDC in the appropriate Passthrough K-1's screen under the Income section of ProConnect Tax.
Follow these steps to enter excess IDC:
- Go to the Input Return tab.
- From the left of the screen, select Income and choose Passthrough K-1's.
- Select the applicable Partnership (1065 K-1) Info or S-Corporate (1065 K-1) Info screen.
- From the top of the screen, select Lines 11-20 for the Partnership (1065 K-1) Info screen or Lines 11-17 for the S-Corporate (1065 K-1) Info screen.
- Scroll down to the (F) Other Adjustments section.
- Enter any IDC in the Excess intangible drilling cost field.