ProConnect Tax

Child Tax Credit vs Child and Dependent Care Credit.TP (joint return filing) has one child.  Are you allowed to claim both credits in the same tax return? Child Tax credit $2,000 and $3,000 for Child and dependent care credit.Thanks for your comments.

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Does 2017 965 installment liability reflect in 1040? I filled 965-A showing what is paid for year two but it is not reflecting in 1040 Schedule 4 line 63? Is it because it is part of 2017 ?

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Do I need to manually input the gain on sale on Form 1116 coded as passive?

Do we also enter foreign sourced income and expenses on Form 1116? 

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Is alimony paid to non US citizen with no ITIN tax deductible? The client paid alimony to his ex wife but the ex wife is NRA. PTO is asking for SSN when putting Not Applicable

I have a client who gifted his ESPP shares to a relative instead of selling them.  It's a qualified disposition.  Per the rules, this means he must recognize ordinary income for the gift in the amount of his discount.His employer already stated this amount will not be included on his W-2.It must also be reported in Line 1 wages on his 1040.How do you enter this in ProConnect online?

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On August 15, 2018, Devon received a parcel of land in Phoenix worth $220,000in exchange for a parcel of land he owned in Tucson. Because the Tucson parcelwas worth $245,000, he also received $25,000 cash. Devon’s adjusted basis forthe Tucson parcel was $210,000. He originally purchased it on September 18, 2015.

TP received a letter from the IRS after his e-filing.  The IRS letter had Estonia prepaid postage and was dated October 21, 2019.  Is this a real IRS letter from Estonia?  Let me give you some facts as follows:1. TP resided overseas and printed his foreign address on page 1 of his 2018 Form 1040.2. As per PTO, TP’s return was accepted by the agency on October 4, 2019.3. TP is expecting a refund from his filing of Form 1040 (less than $2,000 refund).4. The upper right hand corner of the letter from the IRS had letter number, letter date and tax period.5. The IRS letter is requesting the following information:a) A copy of pages 1 and 2 of the return,b) Amounts and dates of all estimated tax payments paid this year,c) Any supporting documents verifying income or withholding,d) A copy of the IRS letter itself.e) All the requested information should be mailed to Internal Revenue Service, Austin Submission Processing Campus, 3651 S IH 35, Austin, TX 78741, Mail Stop 6126 AUSC.

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I own a small bookkeeping business and many of my clients have asked me to do their federal tax returns.  I use Quickbooks Online Accountant  so I’ve been looking into ProConnect as my next logical step.  I’d like to know what the  1) minimum qualifications or certification are to become a tax preparer and 2) recommendations on online courses to get the certification, and 3) any other input or advice on getting started on tax prep from scratch. Thanks

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