Does ProConnect maintain separate limitation loss accounts as required by the instructions for Form 1116 line 16?

[Kevin425]

Adjustments can be manually entered for line 16, but Form 1116 instructions require maintaining separate limitation loss accounts and attaching a statement to Form 1116 showing the balance in each separate category.  The return from my client's previous tax preparer includes a statement that appears to have been generated by tax software, but I don't see any way to maintain or generate this statement in ProConnect.

[itonewbie · Accepted solution]

No.  You will need to compute any SLL/OFL/ODL as well as recapture outside of PTO.  Manual adjustments will need to be made and the account you keep must also be attached manually.

I recall GoSystem RS does have limited capability to capture some of the details but it's not perfect either.

[Kevin425]

Thank you for confirming.  I also looked in Miscellaneous Forms in PTO for a loss accounts form and didn't find anything.  I can create a form with the required loss accounts information and attach it to the return, but if you happen to know of a source of fillable PDFs for this purpose, let me know - thanks!

[itonewbie]

We prepare our own. Not aware of any template out there.