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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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- MA 355S Bank Interest on Schedule S
MA 355S Bank Interest on Schedule S
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mksoroko
Level 1
02-02-2022
08:34 AM
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In prior years, we could tell the software on MA 355S, Schedule S, that the Interest from Form 1120S was MA Bank Interest on line 40. Presently, the interest is showing up on line 41. The only workaround that I found was to subtract the MA interest on line 41 and then add the interest on line 40. Is this what other MA tax preparers are experiencing?
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KHW
Level 1
05-23-2022
01:57 PM
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Did you ever get this issue resolved? I'm working on a 2021 Form 3 and am having the same problem. I can't get the interest to flow to the correct line on the MA return. Thanks for any help you can give!
mksoroko
Level 1
05-24-2022
07:44 AM
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No I did not! We tried multiple times to get Proseries support to change the way the program defaulted with no success. To make matters worse, once you back out the ordinary interest and add the MA bank interest, there is then an addition error on the statement of the SK-1. Another issue that Proseries will not correct at this time! The work around is to then back out the amounts doubled on the statement in the description section of the Schedule SK-1.
