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Level 1
March 11, 2021
Question

Modified Standard deduction under section 933 of a bona fide resident of Puerto Rico

  • March 11, 2021
  • 1 reply
  • 14 views

Where do I modified the standard deduction of a bona fide resident of Puerto Rico required to file a 1040?

 

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1 reply

Level 3
September 1, 2023

As of now, I see that the calculation needs to be done manually, and you need to override the standard deduction amount. There is no way for Lacerte to automatically do this, partly because Lacerte does not support PR returns.

Level 3
September 6, 2023

I just need to find if there is a way to display text near the standard deduction line on the 1040 to indicate that the amount is reduced for PR excluded income as described in Publication 570 (page 23) and Publication 1321 (page 3)

 

They want text stating: "STANDARD DEDUCTION MODIFIED DUE TO EXEMPT INCOME UNDER SECTION 933"

sjrcpa
Level 15
September 6, 2023