ProConnect Tax

Where do I input MN PTE tax paid on Federal side for an S corp return in order to flow correctly?

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223

rahmoellercpa-gmLevel 2

Accumulated depletion is appearing on 1065 balance sheet, when customer has no basis in depletable assets? How do I correct?

This is my first year completing the return for the customer. Prior preparer did not input information using oil and gas schedule. The depletion amount is being properly calculated for the working interest, but is appearing on the balance sheet Sch M-1 and M-2, even though depletion is in excess of basis.

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bkmdh-blunt-gmaiLevel 2

How do you get the partner's basis worksheet to generate in the 1065?

A basis worksheet for each partner is not generating- how do you get this to generate?

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K_CPALevel 2

Multi-state apportionment = 108%; how to get to 100%?

I'm working on a six state return. Client has payroll & sales in those six states. As we know, different states use different apportionment factors. Proconnect is calculating the apportionment for 5 of the 6 states as part of the "Multi-State Apportionment Summary" it prints out; the 1 exception being the client's home state. Is it possible to "force" PC to calculate the apportionment for the home state on this summary? The reason I ask is if I take each of the state's individual forms for calculating apportionment, I come up with 108% apportionment, where as I'm expecting it should be 100%.

253

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Foxy-LadyLevel 4

Amended Return

Originally filed couple with 2 children.  1 child has income and 1098T. Filed child as a depended so parents took the 1098T.  After everyone was filed, the couple received a 1099R for when they took a large some of money for their new home. I asked about this over and over now everything is filed I have to fix.  The some is so much it knocked them over $175,000 and loss the child credit, 1098T and the additional stimulus since 1 child is every other year.  Since I have to amend the couples return, can I take the College student off completely and redo his return reflecting the 1098T. 

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friedmanpbLevel 1

Where do I enter on the MI-1040 that taxpayer is disabled?

Where do I enter Michigan Special Exemptions (line 9b) on MI-1040 in proconnect tax software?

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SunnySpringLevel 4

Do Senior couple, with Social Security and Capital Gains and Foreign tax credit, need to file?

The couple, both over 80 years' old, didn't file tax return last year, because their income was only Social Security Benefits income. But this time, because they closed their "brokerage" accounts by selling all the securities, they received Form 1099-B and Form 1099-DIV, which included "Foreign taxes"I thought that they need to file the return this time, and entered Schedule D (Form 8949) and Form 1116.  Then when I looked at Form 1040, there was no tax computed.  I am perplexed with this result.  Taxable income is about $25K, after Standard deduction.  But there is no tax.  Was I wrong when I thought that the couple has to file the return?Maybe my understanding was wrong?

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mhopkinscpaLevel 1

When are the North Carolina forms going to be available? The forms status link continues to provide later and later dates. This is getting ridiculous, others are ready!

We are getting too close to the 3/15 deadline for corporate returns and a March 8th date of forms available is absolutely ridiculous.

121

charmainedbennetLevel 1

All of a sudden i am getting an 8879-te instead of 8879-eo. I need 8879-eo.

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141

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mike-tumbleweedbLevel 1

How do I modify the client letter for their 1040?

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suebuitenhuisLevel 2

I have a taxpayer who needs to pay 2022 estimates based on 110% of the prior year's tax but the software will only caclulate at 100%. Is there a way to correct?

2022 Estimated Federal taxes

324

cobuzioLevel 2

I can't determine how ProConnect is calculating Self Emp Earnings on my partnership K1. I have 2 equal partners and it's coming up with different amounts for each. Help?

I also can't determine the calculation for either partners figure - let alone why they aren't the same.

132

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kathievieiraLevel 2

Can you use 2020 wages for Earned Income Credit if you didn't work this year?

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113

AnmarieALevel 5

72t rule. How do you determine the account balance on which to calculate the SEPP?

I have a client who rolled over their 401K upon retirement into multiple accounts with their financial advisor. For calculating the 72t SEPP payment can they only use 1 account vs the multiple account balances?

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etiennegerald-yaLevel 1

How is conversion from cash to accrual basis reflected in the balance sheet for the 1065 business tax return? do we show it as adjustments to equity?

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141

AnmarieALevel 5

Can the 10% penalty on early withdrawals from retirement account be waived when it is partially for Education costs which were incurred by not paid in 2021?

The money was taken from a 401K plan in an amount greater than the Tuition bill and the university gave a loan for equal installments originally payable in  2021 but deferred to May 2022.

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TJSTONECPALevel 2

I have a client that was a partnership and made the election to be an S corp. How do I set up the same name and federal ID number with a form 1120s filing?

I tried to create a new client but unable because the federal ID is the same as the partnership that has been filed.

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doanes@frontier.Level 2

How can I remove a form that is unnecessary?

1040X has populated in a return that is unnecessary. how do I remove or delete it?

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pagladashuLevel 1

price to add state return to proconnect

If I file 4 states along with federal, does it count as 1 return for pay per return or count as 4+1=5 returns?

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lihe0402Level 3

How do I calculate the capital gain exemption amount of sale of the main home?

If a single filer owns the house for 4 yrs(2 yrs 100% personal use, 2 yrs rental), can he claim the full $250,000 capital gain exemption?

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cynthiaeoneill-gLevel 1

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?

564

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

749

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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?

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