Hi -- Two of my clients have recently told me that the IRS sent them refund checks in the exact amount of their underpayment penalty for 2019. In both cases, the clients had significantly underpaid their taxes throughout the year, so I was not surprised that ProSeries calculated penalties for them.  This was for the 2019 tax year, and we filed on time, in early 2020. In both cases, the clients had paid in around 65% of what they owed for 2019, and the software calculated penalties of a few hundred dollars (around 2.5%).  That all seemed reasonable to me. So why is the IRS giving it back to them?  Was there a general amnesty for 2019 on underpayment penalties that I don't know about? Thank you! Heather

Client had a lot of stock transactions, so I summarized them and I'm attaching PDFs to the federal return, as back-up to Form 8949. Do I need to attach all the same investment statements to her State of California return also? Thank you!

Hi -- In normal years, I often file a return on, say March 3, but if the client owes money, we set the direct debit date to April 10, to make sure they pay before the deadline, but not right away. Right now, though (Sunday, 4/19), I'm trying to set a debit date in May or June (well in advance of the new July 15 deadline) but ProSeries Basic is showing it as an error unless I put today's date. Does that make sense? What would happen if I do it anyway, and just ignore the Error message? Thank you!    

My client sold a residential real estate (Schedule E) property.  I entered all the information about the sale in the Asset Entry Worksheet. It calculated a loss on the sale of about $19,000. Then it says "Part of Form 4797 to which asset gain (loss) carries: PART I"  On 4797, Part I, all the numbers look right UNTIL line 2g, which shows up as $0.  It should not be 0; it should be (19,000).  What's triggering this?  I've searched all over for a box I may have checked wrong but I can't find anything. This is not a converted property or a former primary residence or anything. It's just a rental property, bought in 2018 and sold about 14 months later.  I'm stuck. Thank you!!

I have a client with many financial institutions and hundreds of stock trades throughout the year.   In ProSeries Basic, is there any way to import that data directly into the program, so I don't have to do all the typing from her 1099-Bs and other forms?

Hi -- My client would like to file her return electronically, but she owes money to both the IRS and the State of California, and she does not want them to withdraw the funds from her bank account.  Can she file electronically but pay by check?  If so, how? Thank you!