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Entering a casualty or theft for Form 4684

by ProConnect Tax Online Updated 7 months ago

How do you enter a casualty or theft for Form 4684 in an Individual return in ProConnect Tax?

You can enter losses in two different areas, depending on whether the loss is personal or business.

How to enter a personal loss for Form 4684, page 1:

  1. Go to the Input Return tab.
  2. Select Income, then Disposition (Sch D, etc.).
  3. Select Schedule D/4797/etc.
  4. In the Quick Entry grid, enter the Description of Property and Date Acquired.
  5. Enter the date of the casualty or theft in Date Sold.
  6.  Enter the Cost or Basis.
  7. Select Details to expand the input.
  8. Leave the Sales price blank.
  9. Select the tab labeled 4684, 6781, 8824, 4255.Selecting the tab labeled 4684, 6781, 8824, 4255 in ProConnect Tax to enter casualty or theft in an individual return.
  10. Under the section Casualties and Thefts (4684) in the field 1=personal, 2=business, 3=income, 4=employee, enter 1.
  11. Fill out any other applicable information.
    • If treating as personal loss, the Form 4684 will only generate if a Schedule A is generated for the return.

    • To force ProConnect Tax to print the lesser of lines 20 and 25 on line 26, enter at least $1 in the field Fair market value after casualty or theft.

How to enter a business loss for Form 4684, page 2:

  1. Go to the Input Return tab.
  2. Select Deductions, Depreciation.
  3. Locate the asset that was lost in the Quick Entry grid.
  4. Select the Details button.
  5. Select the Disposition tab. Selecting the Disposition tab in ProConnect Tax to enter a casualty or theft for an Individual return.
  6. Under General Disposition Information in the field labeled Date sold, disposed, or retired (MANDATORY), enter the date of the casualty or theft.
  7. Fill out any applicable information here.
    • To force ProConnect Tax to print the lesser of lines 20 and 25 on line 26, enter at least $1 in the field Fair market value after casualty or theft.

In ProConnect Tax, when filling out Form 4684:

  • Line 26 says to enter the lesser of line 20 or line 25.
  • But, line 26 won't print the amount from line 20, even if it's larger than the amount on line 25 if the property was totally destroyed by casualty or theft.
  • If you leave blank the field Fair market value after casualty or theft, or enter a 0, the program assumes that the property was totally destroyed, and prints the amount from line 20 on line 26.
ProConnect Tax

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