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
One of my clients received the 1095-A covering only his spouse. He is covered by Medicaid due to being over 65. How can I change the family size to 1 on Form 89... read more
