ProConnect HelpIntuit HelpIntuit

Other income shows ELA as a description in ProConnect Tax

SOLVEDby IntuitProConnect TaxUpdated July 26, 2021

ProConnect Tax will generate other income, with the description ELA, when a negative amount is reported on Form 461, line 16, as excess business loss. Although the amount is a loss, Form 461 instructions indicate the amount should be reported as a positive number on the "other income" line of your tax return with a description of "ELA."

The "other income" lines which could report this amount include

  • Form 1040, Schedule 1, line 21
  • Form 1041, line 8
  • Form 1041-QFT, Part II, line 4
  • Form 1041-N, Part II, line 4, and
  • Form 990-T, Part I, line 12 (applicable for trusts only).

Was this helpful?

You must sign in to vote, reply, or post
ProConnect Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.