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Troubleshooting individual critical diagnostic ref. 37490 in ProConnect Tax

by ProConnect Tax Online Updated 7 months ago

If the amounts you enter in the Adjustments to Federal Taxable Interest section, reached by going to the Input Return tab Income  Interest Income, exceeds the total federal taxable interest, the following diagnostic will generate:

Interest Income Item #: Adjustments to federal taxable interest exceed federal interest. (ref. #37490)

If the amounts you entered are accurate and the adjustments entered are greater than the income amounts, you can check the box next to the diagnostic to indicate that it's been reviewed. Otherwise, you need to make any necessary corrections to the income or adjustment amounts to resolve this diagnostic.

Follow these steps to resolve the diagnostic:

  1. From the Input Return tab, go to Income Interest Income (1099-INT, 1099-OID).
  2. Click on the blue details button on the right.
  3. Make sure the amounts entered under the Interest Income subsection are correct:
    • Banks, savings & loans, credit unions, etc.
    • Seller-financed mortgage (enter address & SSN below)
    • U.S. bonds, T-bills, etc (nontaxable to state)
  4. Scroll down to the Adjustments to Federal Taxable Interest subsection.
  5. Make sure that the adjustment amounts don't exceed the Interest Income amounts.
    • If the amounts are incorrect and exceed the adjustment income, make any corrections now.
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