I have a K1, item 20, code AJ, Excess Business Loss Limitations. It indicates this code is not provided in the program and to enter on the appropriate form. It ... read more
Illinois Estimated Taxes Worksheet - Illinois is the same as federal - pay in 100% of prior year's taxes and you avoid late payment penalties. While this is the... read more
On form 8606 line 15c has an asterisk and the tax due is * From Taxable Distribution Wkst (per IRS Pub. 590B). Using the pro rata calculation formula the tax du... read more
Except for waiting on a zillion 8829's (every year a struggle) and of course the last minute disasters. Most difficult 04/15 tax season in my 43. Why, clients a... read more
I HAVE A CLIENT WHO TOOK A DISTRIBUTION FROM HIS ROTH IRA. I THOUGHT THAT WITHDRAWALS OF CONTRIBUTIONS ARE ALWAYS TAX AND PENALTY FREE, HOWEVER PROSERIES PROFES... read more
Client is making a backdoor Roth contribution.The 1099-R form shows code 2 for the IRA 7500 distributed and 7500 taxable.However, my client never received a ta... read more
Taxpayer has 1099-Q totaling $60k and 1098-T totaling $30kIt is creating a taxable event since the 1099-Q is greater than the 1098-T, and there are some earning... read more
I'm new to Proseries for corp returns....why when I fill out the estimated tax payment worksheet there is no mention of the payments on the letter? And no abili... read more
Merrill Lynch statement shows some sales amounts coded B or Y in column 1g (wash sale loss disallowed.)How/where would that be entered? On schedule 8997? (There... read more
