ProSeries Tax

My client exchanged rental properties through a 1031 exchange. Property Sold: FMV 510k, $185k mortgage paid off at closing, Cash received at closing $300k. Original Basis $225k bought in 2004. Property AcquiredFMV $720k, mortgage taken $540k. There should be taxable boot as some of the cash from the sale was put into the clients new personal home (not the new rental) Proseries is figuring this all as a non-taxable transaction so there's something I'm not entering on the form or worksheet correctly. Any help is appreciated!

Well drat it, I inadvertently inputted the correct street address but wrong town/zip on new clients return. Is this a simple amendment situation?  Thanks everyone,Dawn

Hi,When there is more than one Form 1116, the Part III Line 24 numbers from the other Form 1116s should carry over to Part IV – Summary of Credits from Separate Parts III, but if they don’t, how can I fix this?One of Form 1116 is general category income and has no foreign income and tax, but has carryforward foreign tax credit.Thank you for your help in advance. 

A client just told me that a friend of theirs that is also a volunteer fire fighter told them to ask me about a tax credit for being a fire fighter?  I know I can list their expenses on the Schedule A for charity, but other than that is there a credit I am unaware of?

Can an S Corporation deduct an Executive Bonus Plan or Indexed Universal Life (IUL) insurance on Line 17 of Form 1120S? Are there specific IRS guidelines or limitations that apply?"

anyone else getting this?

I have Maryland taxes withheld on a K-1 for a partnership.  Where do you enter them? 

It glows pink. How to make it shorter?

1040 form was rejected, now trying to efile for extension, but not working. 

ProSeries Basic - How do I input disability when the taxpayer is permanently disabled, I see a check for legally blind but nothing when there is a form of disability other than legally blind. Schedule R will not allow me to check of the boxes.  Where do zi enter permanent disabled?

CX is active duty and has a W2- with box 16 filled out NY state income. Now CX did not live in NYS all year and moved to Spain still on active duty. NY states if not a resident, the active duty pay should be exempt. Proseries is taxing this. How can i make this income exempt from NYS? 

Hello,Is anything using Proseries Basic and trying to complete the NH interest and dividend return?I downloaded the NH software but it says my client doesn't need to file DP-10 form. My client has over $3000 interest, so she does need to file.Proseries has this Form DP-10, I am not sure what is needed to get this form filled in from the Federal 1040.Thanks!SW

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I cannot find a way to set up a Georgia resident's electronic estimated tax payments.

Here is a poser:  Client is CA State Employee.  Has Designated Roths under BOTH a 401k AND 457b, which is allowed.  W-2 shows contribution amounts for both codes AA & EE.  Pros Series has flagged it as having excess contributions. He was told by the SavingsPlus people that manage the California State Employee 401k and 457b plans that he could contribute annual max of $23,000 for EACH account because they were different funds, so a total of $46,000 for 2024.   I can find nothing that supports this or, even addresses the question of contributing to both in the same year.  (Most info only addresses designated Roth and regular Roth contributions questions.)  IRS FAQ shows below.  My question is if anyone knows of any exception to the rule that might apply for government employees?  Is there a limit on how much I may contribute to my designated Roth account? (updated Aug. 1, 2024)Yes, the combined amount contributed to all desi

Got a return rejected.Dependent/Qualifying person IPPIN provided on the return is not valid.I didn't enter any IPPIN for the dependent. Also if he does have IPPIN where do you enter it on the worksheet for the dependent?

I just spent over 1 hour on the phone with a ProSeries support representative to find out how to enter the name of a co-trustee on the Form 1041 software. The answer is: you can't. I consider this to be a big problem.I strongly recommend that the software be updated to allow for the names of both/all co-trustees to be entered. It is not right to present a fiduciary tax return to clients with only one of several trustees named in the document. It signals to the unnamed co-trustees that they are less important. It can potentially cause interpersonal problems between trustees. And, all co-trustees are legally responsible for tax reporting. I am old enough to have prepared fiduciary returns before the existence of software. It is perfectly proper to type in two or more names on page 1 of the Form 1041. In fact, when filing a New York fiduciary income tax return, a supplemental page is required to be filed reporting the names, addresses, and social security numbers/EINs of all the fiduciari

Client received a 1099-K from PayPal that was for a payment issued by his insurance company for damage caused by a tree falling on his home. Pro-series is treating this as if it was a payment made for a purchase or business transaction. Is there a way to record the money then pull it back out? I found one article that say's on Sch 1 put the figure in and it cancel's, tried that but it didn't work. Any and all feedback is welcome.

Well, I am back.Background:New client as previous CPA retired. It would appear that the prior CPA used Lacerte given what I know about the CPA and how the PY return looks (font type and presentation of statements/schedules).Client has two rental properties (property A and property B).  The 3rd rental property (property C) is listed/treated as "Rental Management" and expenses get allocated from this property to the other two. On PY return, all 3 properties are listed on Schedule E and it shows the itemized costs of insurance, auto/travel, professional fees, and depreciation and then the total of those costs get allocated to the other properties (presentation shows "STMT 5, STMT 6, STMT 7 and so the Property C has zero costs (line 20 is zero).  The election to combine Rental Real Estate Interests into One Activity Pursuant to IRC Sec. 469(c) (7) (A) is made and a statement is included to that fact.  And they are a qualifying taxpayer per the prescribed definition.Question:

Health Insurance paid for family members (even though not owners) of S Corp. must be included in family members W-2 as federal gross wages (and State gross wages). Health Insurance Plan must be a S Corp. health insurance plan. IRS Chief Counsel provided guidance on this in 201912001 dated 3-22-2019I see some guidance in general in Pub. 15-A.IRS Chief Counsel guidance indicates family member also get an adjusted gross income deduction for self-employed health insurance on form 1040.Quick Books has mechanics in the payroll program to complete this process correctly.  . 

I'm helping a friend with their daughter's taxes.  NY resident, worked in PA while in school.  I know PA has local tax returns (not filed within ProSeries).  Can anyone help me on how to file the local tax return for Scranton, PA?  I know Allentown gets filed through Berkheimer (because I do have one client in Allentown), but I can't find what agency I would file with a local tax return for Scranton.  I appreciate any assistance on this.

Have an installment sale for a storage unit business and its calculating a large income recapture for this first year. Is there a way to set it up where it will spread the recapture out over the 5yrs?

I continue to get a rejected return when trying to claim a parent as a dependent.

Several clients were emailed pdf copies of tax returns with the Intuit password.  They were able to open the tax returns.  However, they were requested to enter a password to unlock printing.  They entered the Intuit password and it does not work.They received a message "without the proper password you do not have permission to print this document.Anyone else having this issue and is there any easy fix?

A returning client has uploaded documents in link multiple times. The documents do not appear on my end. We contacted the help desk without resolution. The IT professional had us to the following which did not resolve the issue:1. Clear browser history2. Instructed client to use a different browser I am open to suggestions.