ProSeries Tax

recreate their original return.  I spent an hour and still don't have it correct.  Is there any easier way?I am about to tell them that they should go back to TurboTax and amend it there and that I will help them.Thoughts?Thanks, Christopher

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efiled two returns at approximately same time to Taxsylvania. The one was finally approved. The other one, which was less complicated, still not approved. I wish the states would approve as fast as the IRS does (IRS approves in approximatey 10 to 15 minutes). At this time of year, we want to wrap things up, so we do not have to see that file until next year.

Hi,One of my client has TN resident visa. She has two kids and they are in TD visa. Can they apply for ITIN? GK

Sold property in May 2023. Improvements were made prior to sale of property. I selected total disposition of property in 2023. The improvement did not carry over to basis. How do I make it so the improvements are included in the basis?

Instead of my starting a thread on the same subject for like, I don't know, the 100th time in the past 72 hours, I want to wish a very Good Morning to the most prolific tax preparer the Internal Revenue Code has ever met, our good friend Jim!And while it is 3:38 in the morning here in IL, I KNOW Jim is up!😂

there is no foreign address required but the system is still asking me to resolve.

Taxpayer (TP) is 100% owner of an S-Corp.TP takes a W-2 salary, usually significantly more than 60% of the net income of the corp. Many years it's closer to 90%. I've been bugging TP for years, pointing out the whole point of an S-Corp is that you don't have to pay self-employment tax on all of your earnings, but the TP doesn't listen.This year, the business didn't do nearly as well as TP expected. TP took $99k in salary, but the Corp is showing a loss of $45k.The problem is, TP made pension contributions around $19k.From what I've read in IRS literature, pass-through income does not count toward the employee's income to determine that pension %. Does that mean losses also don't decrease the employee's income?Because a part of me is thinking this PT is looking at excess contributions, because their income is only $54k, meaning the pension can't be more than ~ $10k.But if the loss is not figured in, then 19k is less than 20% of $99k, so we're ok.(And don't lecture me about why they

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Does an upfront down payment need to be entered somewhere in Pro Series?The details are that my client received $20000 as a down payment and provided me with the principal and interest amounts. It has been a rental property that has been on his return in previous years and not sure if the down payment will be a part of the total capital gain on the property or needs to be reported seperate.

I filed a return electronically and immediately realized I did not include the direct deposit information. Intuit has accepted the return, but the IRS has not yet. Is it too late to update the return?

error indicated that foreign and domestic address element are present but only domestic address is actually present.  what would cause such an error to show?  error still appears whether info is transferred from info worksheet or not.

I have a client who has gambling winnings reported on 1099-Misc as other income.He has losses but the losses can not be taken because it was reported on a 1099-MISC as other income. Is there somewhere else I can report the gambling losses to net out the winnings?

Is anyone having issues with the client letter being centered on page.  In addition, the printing runs off the page to the right.   If I have estimates for 2024 calculated, the first page has the same issue, then the 2nd page corrects the issue and prints correctly.

Who is working today?  About mid-point through the tax filing season.  Been a banner year this year and even today.  I hope everyone's tax season is going strong.   Here's to a strong finish. 5695 fixed.. Wage issue fixed.. RITA fixed, W-2G workaround is easy.. 24 so far today, not quite 3 pm. 

I have a 1099 R with an amount  ($65,110) in box 1,  $0.00 in box 2a and 2b Taxable amount not  determined  is checked.. Distribution Code is 2. How do I determine the taxable amount.? ( I am sure it is not 0.00)

Form 8962 line 11 column d and E are not calculating and cannot input information manually. What needs to be done?

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Hi,Does anyone know if it's ok to file the Schedule K-2/3 in some years but not others based on if the domestic partnership or S-Corp meets the K-2/3 filing requirements for the year? For example, if I filed the Schedule K-2/3 for Tax Year 2022, is it ok if I don't file the Schedule K-2/3 for Tax Year 2023 if it meets the domestic filing exception for the year?

I am sure this falls under Capital Gains/Losses but I am not sure how to report it. Any help would be appreciated. Thank you.

I normally go to tools and bring up client letter and then print.  This option is not highlighted.  How do i print client letter

when entering a nonresidential roof asset and taking 179 i Proseries- it doesn't carry the 179 to the profitable Schedule E - only shows up on the depreciation schedule and a Section 179 Report.  I have tried choosing various assets codes J6 included but still doesn't work - is this a software glitch?

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Hello AllGot a client who received a foreign inheritance from her late husband's estate in Australia. The Australian attorney did not send her any tax documents. She received over $300,000 which was deposited into her US bank account. The bank showed the transfer as a domestic transfer.Would like to confirm if this is correct: I need to file form 3520 and the inheritance is non-taxable income.Thank you for your guidance.

When entering the winner address information on "Winner 1", I select the box transferring the address from the Federal Information Worksheet.  On "Winner 1" only, it errors saying that the address contains both Domestic and Foreign address elements.  This is like a 5 year client and I have never encountered this error before...I follow the same steps for "Winner 2" "Winner 3" "Winner 4" and the error does not repeat...it is only on Winner 1. ??