Form 6251, Line 2k disposition of property

ramscot · ‎02-21-2020

AMT Ordinary gain or loss from Form 4797, Part II should be the same as the Regular tax, but for

some reason the program is entering a different number. Tried using cross reference to see where the number is coming from, but cross reference is unavailable.

Had to override the 4797 AMT to get the correct result.

Terry53029 · ‎02-21-2020

Did you use the asset worksheet to enter sale

ramscot · ‎02-22-2020

Imported from fixed asset manager. Regular tax and AMT gains identical.

Terry53029 · ‎02-22-2020

sorry I don't use asset manager, but when putting disposition directly on asset worksheet it works well for the ones I have done

lhcpa · ‎05-07-2021

Same problem is occurring in 2020 tax returns. In Fixed Asset Manager asset was disposed with $0 gain. It had Special Depreciation of 100%. When the assets were imported to ProSeries, the disposition is shown as an AMT adjustment on Form 6251 line 2k. There should not be any recapture or AMT. After experimenting, if you put a $0 in the Asset Entry Worksheet Depreciation Deduction AMT column (it was blank for that field; the Regular Tax depreciation deduction had $0) it fixed the problem.

COME ON PROSERIES - THIS WAS A PROBLEM FOR 2019 RETURNS AND YOU DID NOT FIX IT FOR 2020 RETURNS EITHER. I WONDER HOW MANY PREPARERS MAY HAVE MISSED THIS.

WITH THIS ERROR AND AND SOME OTHER PROBLEMS, I AM BEGINNING TO THINK I MAY NEED TO LOOK AT OTHER SOFTWARE BESIDES INTUIT. THE TRUST LEVEL IS DISAPPEARING FAST.