What are the steps to increase the Standard Deduction for casualty loss using Proseries Basic?

Forum|Forum|6 years ago
December 7, 2019
1 reply
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ProSeries Basic

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Best answer by IRonMaN

The standard deduction, is the standard deduction. You don't increase it unless you hit age 65 or go blind.

IRonMaNAnswer

Level 15

The standard deduction, is the standard deduction. You don't increase it unless you hit age 65 or go blind.

Slava Ukraini!

F

fiveotaxAuthor

Level 3

New tax law allows casualty loss to be added to the standard deduction. It's a software question. Basically it looks like it's done on the Schedule A where the standard deduction is entered as a Misc. ded. and the casualty loss is added to it. I can't get the software to do this.

C

cajunlady

Level 3

when enterring your casualty loss you have to check box E federal declared major disaster.. For Hurricane IDA on Line J you have to enter DR-4611

The program will automatically add your standard deduction to your casualty loss

however.. i have this one client that it double dipping. and I dont know why. it is adding the deduction of schedule A with the casualty loss plus adding the casualty loss.. do it is claiming loss twice..

dont know how to fix this. If i click that it isnt a federal declared disaster. it doesnt allow me to deduct the loss.. anyone have this issue?

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