Now that we have Form 172...Is it Calculating Correctly?

[Frustrated-in-IL]

I had a tax return today spit out Form 172 which I did not expect.  I believe the amount on Line 3 of Form 172 was calculated incorrectly.  The difference in my case was only $1 and if I was expecting the Form I never would have noticed it.  I can't figure out how to attach a picture in the format requested so I am just suggesting you cross check Line 3 on Form 172 to Schedule D.

[Michelle7]

I am having any issue with getting proseries to calculate the 80% limit on the NOL carryforward which in turn makes the numbers on Form 172 incorrect.

[Michael]

I have noticed the NOL worksheet rounding differently than the Schedule D. Schedule D rounds each entry on the 1099-B (Cost and Basis) separately, whereas the NOL worksheet appears to net the transaction and then round the result.

If you only have one item on a 1099-B where the proceeds are $7.55 and the cost is $10.45, the Schedule D shows $8 - $10 for a loss of $2. The NOL worksheet appears to subtract $10.45 from $7.55 and round the resulting $2.90 for a loss of $3. The result is a NOL of $1.

[Frustrated-in-IL]

Great detective work!  I wonder if they will fix it for $1.  But it is annoying when the forms shows up when it shouldn’t.

[IRonMaN]

Fix it for a buck?  Careful what you wish for.  Who knows what they will break in the process.

[BobKamman]

Are you not rounding individual line entries on Schedule D?  If the broker reports in dollars and cents does the program pick up that information if you use some "direct to Schedule D" input method from the 1099-B?

[msmith7305]

ProSeries does not support the 80% limit.

(In spite of multiple complaints from me and others)

The program will warn you of that.