PA capital gains

[Katheen]

Has anyone in PA noticed issues with capital gains not transferring over from the fed return correctly?  I just discovered one return with 2 major errors:

- 1 account didn't transfer at all (the numbers were reported at top of 1099B worksheet for short term covered sales on the fed)

- 1 account was tagged as joint on the fed, but was listed as just the taxpayer on PA; the account had losses that needed to offset the spouse's gains, so this was obviously an issue.

[PATAX]

Also double check the interest and dividends on the PA return, in addition to the capital gains on Schedule D....just my opinion...

[Accountant-Man]

PA doesn't allow netting of one spouse's losses with the other spouse's gains. A joint account is split 50-50 between the spouses.

[Accountant-Man]

Joint account has losses, split 50-50.

Spouse has her own account with gains. Half of the joint losses offset her gains.

[Accountant-Man]

Is your software up-to-date? It updated again today.

[PATAX]

Accountant man is right. That is why you have to make sure you use the taxpayer, spouse, or joint designation correctly....

[Katheen]

I am aware of this. But I have it marked joint on the fed and it transfers to PA as a taxpayer account, not joint. So Proseries is not transferring it to PA correctly.