Form 461

[Ron42661]

Does ProSeries generate this form for 2023?

[Terry53029]

No. When in home base click help, online help, form availability. Then you can look up what forms are available, and when

[Renee Solinger]

It is simply NOT ACCEPTABLE that Proseries does not calculate form 461.  This Business Loss Limitation goes through 2028 and will probably be extended, so cowering in the corner doesn't cut it.  Proseries needs to step up and handle this for its customers.  Proseries charges too much for this attitude of "I don't want to do this".   Grow up and do what needs to be done.

[Swimelar-CPA]

I ran into this yesterday.   I was advising a client on how much of a very large business loss they could use in 2024 and was using ProSeries to calculate.    ProSeries used the entire over $800,000 business loss, no form 461, no warnings.  Yesterday, I gladly informed the client they would not owe any tax for 2024 because they could use the whole loss to offset the very large capital gains (only source of 2024 income).

Last night, I had a middle of the night "Oh Sh%$!" experience (I know, I'm sick, I dream about taxes) when this limit came into my mind.   Thank God I do my own research and was able to rework his information by hand and tell the client today there would be a limit on how much of the loss he could use.

I went back into ProSeries thinking I must have missed something and started looking for the form 461.  It really is not in ProSeries.  How can that be?  I really hope Intuit is planning to get that form and the limitation calculations (an important tax code thing) into ProSeries right away.   They must be doing that.  Right? What am I missing here?