How do I get the Form 6252 to calculate the taxable amount of the principal payments?

Forum|Forum|2 years ago
July 31, 2023
1 reply
8 views

The payments received are correct on Line 21 ($56,215) and line 20 should be $0 as the installment sale began in 2021 (not 2022). However line 22 should be the sum of lines 20 & 21 - $56,215.
It is being calculated as $0.
I am spinning my wheels - any help is much appreciated!!

ProConnect Tax

This topic has been closed for replies.

Best answer by mattgutz

Contact Support EITHER https://proconnect.intuit.com/community/proconnect-tax-news-updates/discussion/proconnect-tax-assistant/00/234845 OR https://proconnect.intuit.com/support/en-us/help-article/intuit-account-settings/contact-proconnect-tax-help/L031xWrR5_US_en_US?uid=le1lkg4y

They can help you go through the input detail.

I assume you only input the current year principal payments and all else was carryover.

Figured it out

I originally entered the payments into Current Year Installment Sale. It actually goes into Prior Year Installmet Sale and then Current Year Principal Payments.

Thanks for everyone's help!

IRonMaN

Level 15

Is part I completed?

Slava Ukraini!

M

mattgutzAuthor

Level 4

Part I is completed. The 2022 amounts were populated from the 2021 software (from the original sale in 2021).

Thanks!

IRonMaN

Level 15

Sorry, I don't use ProConnect so that was my one wild stab in the dark. Out of curiosity is -1 entered on line 20? Based on posts showing up over the years here, I know the Lacerte family is allergic to zeroes and folks are forced to use -1 instead of zero.

Slava Ukraini!

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