IRA distribution incorrectly showing as other income on Tax Summary Report

Forum|Forum|4 years ago
March 3, 2022
2 replies
20 views

I use the Tax Summary Report in ProSeries for every client. This year IRA distributions are being shown under "Other Income" on the Summary Report instead of on the Pensions and Annuities line. On the TY 2020 form it was correctly reported on the Pensions line. Can someone tell me how to report this bug?

ProSeries Professional

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Camp1040

Level 10

I have notice that but just figured, the IRA is not a pension or annuity and for some reason Inuit did not want to add an IRA line to the summary.

M

mapppAuthor

Level 5

I agree that an IRA distribution is not a pension, however, it is retirement income. It makes more sense to leave it where it has always been on the Summary Report as part of pension income than to move it to the line that reports miscellaneous income. If you zoom on the entry, you will not see the IRA.

IRonMaN

Level 15

To be honest, folks are lined up around the block for forms 7203 and 8915F and a few other forms. As long as the return itself works, I personally wouldn't care if it was shown as lemonade stand sales. Sometimes you have to triage your problems and since nobody is going to die from that one I would move on and not worry about it.

Slava Ukraini!

M

mapppAuthor

Level 5

Hoping that IRonMaN will let me know when it is ok to ask about anything other than Forms 7203 and 8915F.

M

mapppAuthor

Level 5

By the way, Bloomberg's Tax & Accounting's SuperForm program has both form 7203 and 8915F available as fill-in forms that can be attached as PDF's. I've already e-filed 7203 as PDF's.

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