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Has anyone in PA noticed issues with capital gains not transferring over from the fed return correctly? I just discovered one return with 2 major errors:
- 1 account didn't transfer at all (the numbers were reported at top of 1099B worksheet for short term covered sales on the fed)
- 1 account was tagged as joint on the fed, but was listed as just the taxpayer on PA; the account had losses that needed to offset the spouse's gains, so this was obviously an issue.
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Also double check the interest and dividends on the PA return, in addition to the capital gains on Schedule D....just my opinion...
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PA doesn't allow netting of one spouse's losses with the other spouse's gains. A joint account is split 50-50 between the spouses.
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Joint account has losses, split 50-50.
Spouse has her own account with gains. Half of the joint losses offset her gains.
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Is your software up-to-date? It updated again today.
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Accountant man is right. That is why you have to make sure you use the taxpayer, spouse, or joint designation correctly....
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I am aware of this. But I have it marked joint on the fed and it transfers to PA as a taxpayer account, not joint. So Proseries is not transferring it to PA correctly.
