I have a taxpayer who won money from gambling and received a 1042-S in lieu of W-2G, using foreign passport as identity.How do I enter Form 1042-S onto his 1040... read more
Has anyone else noticed anything weird on Form 1041, Page 2, Schedule B, Line 3? The entry is supposed to be the capital gains allocated to the beneficiary on S... read more
I am preparing an initial 1041 for a Family Trust.The income is reported on Form 1099-R, along with Federal income tax withheld (box 4).Question:1) can the Fede... read more
I am seeing payments being applied on the 1040 for excess social security and medicare.I can't understand if these amounts are automatically flowing and how to ... read more
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... read more
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 ca... read more
Taxpayer (MFJ) is the spouse and works in WI, but lives in IL.The W-2 has WI as the state code and has withholding to WI.Other than checking the NR box at the b... read more
My client exchanged rental properties through a 1031 exchange.Property Sold:FMV 510k, $185k mortgage paid off at closing, Cash received at closing $300k. Origin... read more
Client received a 1099-NEC with capital gains. When I put the gain into Sch D it also shows as income from the 1099. How can I put it into Sch D without showing... read more
Phil Collins "I Don't Care Anymore" and Jackson Brown's "Running on Empty" played on repeat this entire week.And one more - Tevya's "If I Were A Rich Man".
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 lim... read more
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 disab... read more
