ProConnect Tax

How does an owner/employee of an 1120S business deduct their business use of a personally-owned vehicle?

Since the business (1120S) does not own the car, I'm thinking the deduction needs to be taken on the 1040 form as a business expense.  Is that correct?

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akw428Level 2

IP rolled over the entire Federal TSP bal. to a rollover IRA. TP had been receiving SEPP distributions. Has SEPP been broken by rollover, and therefore cause penalties?

TP not IP.   Rollover from a Fed Thrift Sav Plan to IRA.  SEPP 72T payments,  Does the rollover to IRA void SEPP

634

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BevPLevel 3

8915F

If taxpayer did 3 years for distribution for the first year being 2020 and then paid back the full amount by may 1 2021 what needs to be done.  I was waiting for the 8915F to indicate the payback but must I amend 2020 as well.

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zebaiyeLevel 1

Why is there no depreciation calculated in year of sale of a rental property?

Property sold in 08/2021. Disposition reported but no depreciation calculated for 2021.

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tllewiscpaLevel 1

I have a critical diagnostic wanting Form 7203 to be attached as a pdf. I've attached, but why does the diagnostic not go away?

No text available

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KGL19Level 2

Whcih years can you e-file in 2022?

I have a client who needs 2019 - 2021 tax returns filed. Can I e-file all three years  this year in Proconnect Online?

211

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BGDriaLevel 2

Which amount do I include for the recovery rebate?

The parent and the college age-dependent both received the third stimulus check. The parent received $2,800 and the dependent received $1,400. The IRS letter, it's addressed to the guardian of, so does that mean I need to include the $1,400 on the recovery rebate portion of the parent's tax return or just the $2,800? 

361

NewkidontheblockLevel 1

LA Balance sheet - RE - doesn't include forgiven PPP & EIDL grant

The LA balance sheet does not balance because Earned Surplus is understated by the amount of the PPP & EIDL grant. How do I make the adjustments?

141

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TammyinBuffaloLevel 3

Partnership abandonment of leasehold improvements

How to enter the abandonment of leasehold improvements on a partnership tax return (ProConnect Tax).  Have recorded the disposition (from the depreciation input area) and the numbers are correct, but they are populating Part I of Form 4797 instead of an Ordinary Loss in Part II of Form 4797.  How do I get this to flow through to Part II instead of Part I of the Form 4797?

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LeoDLevel 1

Why does the program not pick up the foreign taxes paid by a trust? It does not allow for a name or number on Form 1116.

Still do not have an answer?

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haglundllc-gmailLevel 1

FORM 4562 isn't including current yr sec179 in tot deprec amt carried to page one. It looks like the form isn't added line 12 to the other lines before reaching a total.

No text available

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justin2Level 1

Where do I enter 1099-G income (Box 6, Taxable Grants) on an 1120 form in ProConnect?

Client received a taxable grant for $15k and is a C Corp. Can't find where to input other income using ProConnect

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nwatermanLevel 1

How do I get 2021 refundapplied to 2022 estimates on a 1040?

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nwatermanLevel 1

How do I apply 2021 refund to 2022 estimates?

No text available

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user19048Level 1

Why does my 1040 i just rolled over to 2021 is a 1040x?

No text available

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madcaplaughs79Level 2

Client Address Update

I have a client that changed their address. Normally I can go to the client list and hit edit and modify their address. I did so and it took the change but it still places their old suite number one a separate row almost like the was a separate address 2 line before and now their isn't so it comes out incorrect. Has anyone seen this before?Here is an example:Current:John Doe123 Main StSuite 3Beverly Hills 90210After Change: (the suite 3 doesn't disappear even though in the edit screen it's not showing when I edit it.)John Doe123 Main St Suite 5Suite 3Beverly Hills 90210

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DonnalfjLevel 1

Form 990 Part VII

Our client wants the order of the directors in a certain way. I reentered them in the order she wanted them but Proconnect resorted by compensation amount.Any ideas? Thanks.

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hamida_surtiLevel 3

How to fill out form 8962 for Monthly second lowest cost silver plan number when I got a job in November 2021

Hi My client was on the Covered California with his parents. The client got a job in November 2021 and was eligible for Health Insurance from work. The parents never changed the coverage they had, so the cost of silver plan never changed on 1095-A we received. My client is claiming the premiums under the shared responsibility allocation. I dont know what number to put in November and December for SLCSP, for only my parents as the number reported on 1095A is for my parents as well as myself

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robinweaverLevel 4

Where do I enter SEP contributions so that I can get the saver's credit? If I enter it in "SEP", the credit doesn't calculate.

No text available

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TripletsLevel 1

One of my returns was rejected by the IRS for a wrong EIN on a W-2. The system won't let me change the data on the W-2. How do I correct so I can refile the return ?

No text available

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vrin-122812Level 2

So do I reduce the payroll tax by 50% if entering the gross W2 payroll on form 1120S?

No text available

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lzed_proconnLevel 2

Oil/Gas Depletion for K-1.s in 1065 Federal and OK state 514 returns

Concerning ProConnect, but I have a couple issues with it regarding "deduction for depletion of any partnership oil and gas property" entry into partner K-1 forms for Federal 1065 and for OK state 514,I've input data for a 1065 Form with an accompanying OK state Form 514. I've filled in the partners for the 1065 form, and in specific (Partner Basis Worksheets screen) entered $400 in the "Depletion deduction ... [Override]" field.(1) this did NOT result in a K-1 form entry of 20.T = 400 for this partner. This K-1 entry will enable the partners to decide for themselves "if / how much" they can declare the depletion deduction.(2) for the state filing, I entered (OK Miscellaneous Information screen) $714 in the "State oil and gas depletion" field. This DID nicely transfer to the OK K-1 form 514, Part 5, line 9 "Oil and Gas Depletion (OK)". But I did not find any similar field entry for Part 5, line 8 "Oil and Gas Depletion (Federal)". Did I overlook a field or is it not available?

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yxia1Level 2

Recharacterize excess Roth IRA contribution

Contributed Roth IRA earlier in 2021. At end of 2021, Roth IRA contribution is not qualified and was recharacterized to traditional IRA. How to enter and generate form8606.

121

n2nLevel 3

Can depreciation be claimed on an vehicle owned by another company

my client owns 2 different business one is an INC and the other an LLC (P) .since the LLC was a new company he used the business credit from the INC to purchase the vehicle used solely  the LLC. the LLC pays all the expenses and loan on the vehicle. my question is which business get the depreciation write off… the LLC or the INC. The LLC doesn't own the vehicle but uses it solely 100%.

502

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scarlott.cagleLevel 3

Will the IRS kick out mismatch for 1099-NEC issued to a single member LLC (electing S Corp) using LLC EIN and owner's name/address if LLC is not named on 2nd name line?

Owner address and LLC address are same. Want to know if LLC name must be on the 1099 in name/address section also, and if so, should issuing company reissue to avoid a mismatch?

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