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- Re: Form 461
Form 461
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Ron42661
Level 3
09-29-2024
07:27 PM
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Does ProSeries generate this form for 2023?
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3 Comments 3
Terry53029
Level 14
09-30-2024
08:08 AM
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No. When in home base click help, online help, form availability. Then you can look up what forms are available, and when
Renee Solinger
Level 1
10-19-2024
12:42 PM
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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
Level 2
01-22-2025
10:58 AM
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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?
