ProConnect Tax

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15 year old child has $7300 of unearned income. Included the income and tax from the parents 2023 return. Parents marginal rate is 35% and effective rate of 22.9%.  The childs return is showing 10% marginal and 66.2% effective. This is wrong.

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How does ProConnect account for Unemployment Compensation Exclusion of Federal Income tax was withheld from Unemployment Compensation? When I check the Box per instructions or just subtracts $10200 in Schedule 1 line 8 but taxes withheld are still on the 1040 on Line 25b. I would expect it to change or there should be a credit. Please help.

TP traded in bitcoin and commodities on a trading platform that is registered in London. The corresponding bank account linked to the trading account is also with a local UK based bank. The client has a transaction statement from the trading portal and based on I can calculate the capital gains / losses and enter these on form 8949/ Schedule D.The total assets anytime during the year were less than $10K so it out of FACTA or FBAR reporting. Considering the fact that it's a trading platform in a foreign country that will NOT report the activity to the IRS, are there any other reporting requirements / backup documentation required to be sent to IRS IRS along with his 1040 or separate from 1040?

MI-1040CR7 Home Heating Credit is being auto-populated with medical insurance paid and standard credit. I am getting a critical diagnostic stating "The Heat Provider Name Code and Heat Type are required for e-file."This client does not qualify for the home heating credit (they are not paying rent and do not own a home). How can I prevent ProConnect from populating this form?

How do you enter them in Proconnect.  I have a customer that I am entering for the first time that has 4 rental properties and two have passive loss carryforwards, while the other two do not.  I am wondering how to enter them and connect them to the correct property.  Thanks

I'm trying to report a sale of an investment property (never rented out, never lived in it, never depreciated) at loss but whatever I do, the loss doesn't show up in 1040. I'm using Schedule D/4797. They have passive income too. How should I do it so they can deduct a portion of almost $23k loss? Thanks

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MT doesn't tax unemployment. So when the full $10200 is subtracted on Sched 1line 8 it creates an error on MT. Some kind of carryover on page 28. I can't get to page 28 and tech support has been unable to solve this. I have mailed in a couple of returns because I just need to get  the returns out.

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I have a client who has 3 K1s.1 is from North Carolina and has a loss2 from Alabama and both have lossesClient lives in AlabamaThe federal return of course does not show any losses since they are not allowed.the Alabama return shows the passive losses from the 2 Alabama K1s (Alabama allows passive losses to be deducted against all income - no passive loss rules here) but it does NOT show the passive loss from the North Carolina K1. I think that must be correct - and the NC K1 passive losses have never been deducted on Alabama in prior years (prepared by other CPAs) - but I want to understand why? Is it because North Carolina does not allow passive losses to be deducted - I believe NC follows Federal on this. 

I have a client who receives the same K1 every year. This year the basis worksheet had increases and decreases - in prior years the basis has always been zero (my clients parents are the owners of this business and the client has not contributed any amount to this partnership - it has all been in the form of a gift from the parents). My question is this - do I need to reach out to the accountant who prepares the K1 to get more information on my clients "outside basis" in the partnership for future reference. Currently the partnership has losses and has not had any income. They expect the losses to be carried forward to offset any future income. I might be over thinking things, but I just want to be prepared (this is my first year on my own).Thank you!

I have a client with two 1099-misc box 7 (nonemployee compensation) for 2019 and they were in fact entered through -  Input Return - Income - SS Benefits, Alimony, Misc. IncomeBut when we pull up the tax return these entries are not shown for some reason.  So now I'm wondering if I have to amend the return and list these two 1099s as Sch C?Feedback?

Why is credit for income tax withheld is taking the amount as federal tax vs state in 1065?

Hi, I am working on filing the 2020 tax return for client (Parent 1) who is not married and has a child with (Parent 2). The child was born in 2020, can both parents claim the Recovery rebate for the following (EIP #1 $500 and EIP #2 $600). Parent 2 has already filed their 2020 return and claimed the child as dependent and got the EIP payments for the child as well.  I've been looking all over and can not find a straight answer. Thanks in advance. 

In 2020 taxpayers used 2018 tax return to receive their rebate for him, his wife and once child.  However in 2019 he had a second child that he did not receive a situlas for. Can he file to get this back and if so how would he file? and does he have to use 2020 income limitation and not the prior year that was used originally because 2020 is way over the 150,000 threshold. 

I have a client who received a 1095A as they were enrolled in Covered California. In Nov of 2020 the husband got a got that offered health care coverage. Since they had already enrolled in Covered California for 2020, they declined coverage for 2020, and enrolled for 2021. Does the fact that the husband could be covered under an employer plan for the last two months and the client refused to take coverage mess up their tax premium in any way? I have already filed their return. Do I need to file an amended return?

Proconnect is add HSA employer contribution amount to Part II, line 1, column e. How do I fix this?

I have a LLC with my husband and required to file as a partnership. I reported the real estate activity on 1065, but it is on form 8825. Should this be Schedule E. I am a real estate agent

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The client did a direct rollover a Roth 401k to a Roth IRA in 2020. He was mailed two checks. One for the non-taxable Roth designations and another for employer contribution matches. However, he didn't deposit the employer check into the Roth IRA due to COVID hardship, but the 1099-R is showing this distribution as a non-taxable direct rollover. The client would like to file the 8915-E to include the distribution in income in 2020 and avoid the 10% penalty.How do I adjust the taxable amount on the 1099-R such that the employer match distribution becomes taxable? 

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I recently decided to link my company in QBO to QBOA.  After I did that I logged in a couple days later to work on tax returns for my PTO clients.  All of them are now gone, my company data is wiped, as in my customer number is missing, PTIN is now gone, all records of credits I purchased for tax returns are gone, all my customer files are gone from this year and last year.  What is going on?