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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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1099B basis adjustments
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pcrubingercpa
Level 3
03-01-2021
08:31 AM
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When cost basis is incorrect on a 1099-B, and a basis adjustment has to be entered on the 1099B worksheet, the adjustment amount flows over to the 6251 worksheet and to line 2k of the 6251. Why is that? It's being treated as a tax preference item when in many cases it is not, and may result in an AMT calculation erroneously.
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Belinda3
Level 1
03-05-2021
05:40 PM
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You are indeed correct. I've just had 2 customers come up with incorrect AMT. ProSeries 2019 did not do this. ProSeries 20 assumes any cost adjustment triggers AMT (most don't). Anyone wishing to see an illustration of this can see it here:
https://drive.google.com/file/d/1V-03vVc-qPD5M-InGvg1MxWnhSkaEq82/view?usp=sharing
