MA 355S Bank Interest on Schedule S

Forum|Forum|4 years ago
February 2, 2022
2 replies
15 views

In prior years, we could tell the software on MA 355S, Schedule S, that the Interest from Form 1120S was MA Bank Interest on line 40. Presently, the interest is showing up on line 41. The only workaround that I found was to subtract the MA interest on line 41 and then add the interest on line 40. Is this what other MA tax preparers are experiencing?

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K

KHW

Level 2

Did you ever get this issue resolved? I'm working on a 2021 Form 3 and am having the same problem. I can't get the interest to flow to the correct line on the MA return. Thanks for any help you can give!

M

mksorokoAuthor

Level 2

No I did not! We tried multiple times to get Proseries support to change the way the program defaulted with no success. To make matters worse, once you back out the ordinary interest and add the MA bank interest, there is then an addition error on the statement of the SK-1. Another issue that Proseries will not correct at this time! The work around is to then back out the amounts doubled on the statement in the description section of the Schedule SK-1.

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