Thanks for trying to help that person--but I'm having a similar problem and changing the SSN does not help. I submitted an amended return and it was rejected because of a minor issue. I fixed that a...
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Thanks for trying to help that person--but I'm having a similar problem and changing the SSN does not help. I submitted an amended return and it was rejected because of a minor issue. I fixed that and submitted again. Now it's rejected because it's a duplicate. The error message says "This submission is a duplicate of one that was previously received. Please contact customer support." I've been searching for a week now and cannot find any way to contact something called "customer support." Is there a phone #? Or does anyone know a workaround for this? Thank you!
I appreciate your clarification. I'm still concerned, though, as I don't think I see that gain amount anywhere on the K-1. Any idea where I should look for it? I'd like to be sure I've accounted for...
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I appreciate your clarification. I'm still concerned, though, as I don't think I see that gain amount anywhere on the K-1. Any idea where I should look for it? I'd like to be sure I've accounted for it. Thanks very much.
Hi DASCPA, I'm puzzled that you call it a clawback. Isn't this the way 1031s always work? My understanding is that, in all 1031s, you defer the gain at the time you make an exchange, but it's only...
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Hi DASCPA, I'm puzzled that you call it a clawback. Isn't this the way 1031s always work? My understanding is that, in all 1031s, you defer the gain at the time you make an exchange, but it's only deferred. Whenever the replacement property is sold, the unrecognized gain finally gets recognized. Is that not correct? Thank you! Heather
Hi SJRCPA, Thanks very much for responding--but I don't think I understand. What are you saying 'yes' to? And my clients DO live in California. Are you saying this note does not apply to them? ...
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Hi SJRCPA, Thanks very much for responding--but I don't think I understand. What are you saying 'yes' to? And my clients DO live in California. Are you saying this note does not apply to them? Thank you! Heather
Hi All, My client has MANY K-1s; they buy and sell parts of real estate partnerships. I just came upon a note in one that says INCLUDED IN YOUR PROPERTY DISTRIBUTION IS CALIFORNIA SOURCED DEFERRED ...
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Hi All, My client has MANY K-1s; they buy and sell parts of real estate partnerships. I just came upon a note in one that says INCLUDED IN YOUR PROPERTY DISTRIBUTION IS CALIFORNIA SOURCED DEFERRED GAIN FROM THE 2016 1031 EXCHANGE OF XXX APARTMENTS: $90,xxx. I can't figure out how to report this deferred gain that now needs to be recognized. (In 2021, the current building was sold and the partnership was closed.) How do I report this? Thank you!
Thanks very much for responding. I want to know just the simple mechanics of what I do. Do I just add the rental income on a normal Schedule E? And then fill out Form 1116 to report that tax paid? ...
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Thanks very much for responding. I want to know just the simple mechanics of what I do. Do I just add the rental income on a normal Schedule E? And then fill out Form 1116 to report that tax paid? Anything else? I've not dealt with foreign income before (other than a few dollars of foreign tax paid from a mutual fund). Thank you!
Hi -- My client is a U.S. citizen, and live in the U.S. He owns a rental property in Mexico and pays taxes to Mexico on that. But I understand I still need to report his worldwide income on his U...
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Hi -- My client is a U.S. citizen, and live in the U.S. He owns a rental property in Mexico and pays taxes to Mexico on that. But I understand I still need to report his worldwide income on his US tax forms. How do I do that, and how do I claim the foreign tax credit? Thank you!
Greetings-- I have a couple of clients whose K-1s have K-3s this year. I have read the articles here, like this one: https://proconnect.intuit.com/community/partnership/help/generating-the-sched...
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Greetings-- I have a couple of clients whose K-1s have K-3s this year. I have read the articles here, like this one: https://proconnect.intuit.com/community/partnership/help/generating-the-schedules-k-2-and-k-3-in-proseries/00/197462 But I'm still puzzled. When I'm entering a K-1 in ProSeries, and I check Box 16, to say there is a K-3, I get this error message: "Schedule K-3 will be available in a future release" Does that mean I have to wait for a new release? A future release of what? ProSeries? IRS forms? Can I file now, or not? Thank you! Heather
This sounds so easy, but I just can't find it. My clients are expecting a federal refund, and would like to apply it to their 4/15/2022 estimated taxes. How do I do that in ProSeries Basic? Thank y...
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This sounds so easy, but I just can't find it. My clients are expecting a federal refund, and would like to apply it to their 4/15/2022 estimated taxes. How do I do that in ProSeries Basic? Thank you!
Hi -- On a Partnership K-1, my clients took a distribution in excess of their basis. I entered the amount on Line 19A as a distribution. But now, I think I need to add it somewhere else to make ...
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Hi -- On a Partnership K-1, my clients took a distribution in excess of their basis. I entered the amount on Line 19A as a distribution. But now, I think I need to add it somewhere else to make sure it's taxed properly, since it is not a return of basis. Where do I put it? (In ProSeries Basic). Thank you!
Hi Lisa, I'm trying to follow your instructions. (They're a lot better than the official ones!) But I'm still stuck. I'm doing a very simple amendment of a 2019 return, but having a lot of confusion...
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Hi Lisa, I'm trying to follow your instructions. (They're a lot better than the official ones!) But I'm still stuck. I'm doing a very simple amendment of a 2019 return, but having a lot of confusion. The only change is that one 1099 was corrected. Are you saying I go back into the original place where I entered the 1099 and fix it there? Or do I make my entries on the form called "Amended Return"? I've tried doing it on the "Amended Return" form but it doesn't pull in any info, and it doesn't calculate the new tax for me. Do I really have to do all that manually? Thank you!
Hi -- I have a very simple K-1 for a partnership. 1. Is there somewhere in ProSeries where I can enter the Box L information ("Capital Contributed" and "Ending Capital Account")? I understand I'm...
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Hi -- I have a very simple K-1 for a partnership. 1. Is there somewhere in ProSeries where I can enter the Box L information ("Capital Contributed" and "Ending Capital Account")? I understand I'm supposed to be tracking the client's basis, so I'd expect to find a place for this but I can't. 2. Box J: Is there somewhere in the ProSeries K-1 worksheet where I can record the "Partner's Share of profit, loss, and capital"? Thank you!