Does ProConnect maintain separate limitation loss accounts as required by the instructions for Form 1116 line 16?

Forum|Forum|6 years ago
May 2, 2020
1 reply
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Adjustments can be manually entered for line 16, but Form 1116 instructions require maintaining separate limitation loss accounts and attaching a statement to Form 1116 showing the balance in each separate category. The return from my client's previous tax preparer includes a statement that appears to have been generated by tax software, but I don't see any way to maintain or generate this statement in ProConnect.

ProConnect Tax Online

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Best answer by itonewbie

No. You will need to compute any SLL/OFL/ODL as well as recapture outside of PTO. Manual adjustments will need to be made and the account you keep must also be attached manually.

I recall GoSystem RS does have limited capability to capture some of the details but it's not perfect either.

itonewbieAnswer

Level 15

No. You will need to compute any SLL/OFL/ODL as well as recapture outside of PTO. Manual adjustments will need to be made and the account you keep must also be attached manually.

I recall GoSystem RS does have limited capability to capture some of the details but it's not perfect either.

---------------------------------------------------------------------------------Still an AllStar

K

Kevin425Author

Level 3

Thank you for confirming. I also looked in Miscellaneous Forms in PTO for a loss accounts form and didn't find anything. I can create a form with the required loss accounts information and attach it to the return, but if you happen to know of a source of fillable PDFs for this purpose, let me know - thanks!

itonewbie

Level 15

We prepare our own. Not aware of any template out there.

---------------------------------------------------------------------------------Still an AllStar

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