ProConnect Tax

Is owner's loan interest deductible by SMLLC?

Business property is in the name of the SMLLC owner. Owner takes out loan secured by business propertyEdited: For some reason, my entire question was not posted. Here is more information: The business property is in the individual's name. The loan was also in the individual's name but the proceeds were used exclusively for business operations & the owner received a 1098 reporting the interest.

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OmotayoLevel 3

Why is my MD tax rejected due to "Maryland Form 502CR" critical diagnostics

Hello,A client tax was rejected by MD and I got the below critical diagnostic:Maryland Form 502CR is e-file use only at this time and will print as a blank sheet with an "Unavailable" notation until it has been released and/or approved by the State and ProConnect Tax Online.How can I resolve this please?

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bananaspbLevel 1

How do I input the $1200 (2 $600) for the second recovery payment my clients have not received? I went to the worksheet for Line 30 of the 1040SR but I find it unclear.

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Cricket0712Level 2

How to override Recovery Rebate Credit

My client qualifies for the Recovery Rebate Credit based on her 2019 taxable income. But she never received her first stimulus payment.  She did receive her 2nd and 3rd stimulus payments.  She graduated in 2019 and started a permanent job in 2020.  Based on her 2020 income, she does not qualify for the recovery rebate credit.  I called the IRS, they said that the 1st and 2nd stimulus payment is based on 2019 taxable income.  Therefore, if she qualifies for the payment, she can recover the payment on the 2020 return.  How do I override the field to insert $1,200 for the payment owe to her? 

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cpa41Level 3

My client had over 100k in regular k-1 passive activity carryover losses, but didn't anything on his AMT losses, are they the same?

Do I have to include AMT loss carryover, why is ProConnect automatically generating a form 6251? Thanks.

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glenndaviscoloraLevel 1

1120 S: the system is defaulting the return to be "Amended" even though this option was not selected. There must be a secret menu to undo this. Where is it?

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lgbpllcLevel 1

Can I prepare Form 8824 Part IV in Proconnect?

This is used to defer gains on the sale of stock for government officials.

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danmasscpaLevel 2

Does an S Corporate shareholder reduce their basis by the amount of annual QBI Deductions

Does an S Corporate shareholder reduce their stock basis by the  amount of any QBI deduction taken on their personal 1040 ? 

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mkwoodallLevel 1

Had a rental property last year and added a 2nd one this year. Only producing a 4562 for this year's property. How do I get a 4562 for last year's property?

It figures depreciation, just does not generate a  4562 for that property or include in on the 4562 for the new property.

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angela1Level 3

What to do when a client has an ITIN but used a different SSN on W2?

I just had an interview with a new client and they have an ITIN. I verified this number is correct and it is also on the last years tax return as well. On the clients W2 it has a SSN listed and I asked him about it and he said oh that is my number I used for work. I am not sure what to do with this client?  The company who prepared the return last year filed it as is. Do I still file the tax return? I've never come across this before.

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hello-myrestauraLevel 2

Can you do your own firm's return

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AtlasDanielLevel 2

Schedule E- Line 23 totals cannot be negative

Hello-Critical diagnostic on return: For e-file purposes, the total of all amounts on lines 23a, 23b, 23c, 23d or 23e cannot be negative. Paper return must be filed.2019 Tax Year reported virtually the same numbers as 2020 (including a negative amount in 23b, Royalties) and e-file was allowed. For 2020, I am not allowed to efile. K-1s for a pair of partnerships have generated a small loss on royalties (Box 7, F1065 K-1). Do I ignore what the K-1 says and book the royalty income somewhere else?Anybody know a work around for this? I don't want to paper file the return because of the size... 

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ajnavuk-gmail-coLevel 1

How do you treat Backdoor Roth IRAs contributions for clients on their individual tax return?

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raymorinLevel 2

Electronic withdrawal of tax liability from client's checking account

My client owes $475 on his 2020 tax return.  I chose electronic withdrawal by the IRS to pay the tax liability.  It did not work.  Talked to the IRS and they said this a software problem.  Is Proseries working to fix this problem?

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ajnavuk-gmail-coLevel 1

I would like to know what the best practice is for obtaining signatures when e-file? Are signatures required on the FORM 1040? Or can I just get a signature on FORM 8879?

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jayrad17Level 2

IRS Extended the payment deadline for all Texas residents to June 15, 2021. Proconnect doesn't seem to have this in place as I'm unable to schedule a payment past May 17.

Filing and payment deadline for residents and those who own a business in Texas has been moved to June 15, 2021. This also applies to estimated payments for Q1 and IRA/HSA contributions.

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warrensidoskyLevel 2

How do you have MO state balance due directly withdrawn from bank account as it only seems to work for Federal?

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cobuzioLevel 2

Taxpayer was set up for electronic estimated payments, and the return was successfully efiled - but the IRS payment was NOT taken, only CA. Has anyone else had an issue?

Even the financial summary shows that the estimate will be taken 4/15 - but it was not taken.

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HunterB15Level 1

Tax deduction of money lost due to contractor not finishing job

Contractor was hired and given down payment to start commercial building job. He cleared the land,then left the country before beginning work on the building. Can I use what I paid him as a loss on the2020 tax return?

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operations-allerLevel 1

Health care: individual responsibility

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meiloLevel 2

the scheduled payment of Form 1040 didno debit from bank

Dear Sir, I scheduled the payment of  Federal Form 1040 tax due for the client, but, the money wasn't collect after the return was filed.  What should I do to solve this problem?May

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crubikLevel 2

Can I e file a gift return? How do I enter it on the profile page?

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The Real HalloweenLevel 6

Virtual Currency reporting on Box C of part 1 Form 8949 and Schedule D

Received many pages of virtual currency transactions from TP.Does the IRS allow a one-line reporting (vs itemizing every VC transactions on f8949) by grouping each type of VC (one group for Bitcoin, one group for ethereum, etc)?Thank you for sharing this new VC reporting.

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walidahaimeLevel 2

I noticed a mistake on the return and need to resubmit efile for both Federal and NYS. is this possible?

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btfcpaLevel 1

How are practitioners treating Notice 2014-7 receipts as reported on a 1099-NEC?

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