ProSeries Tax

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All - A client has a Section 1256 loss of $381, I am confused with the 4 check boxes A) Mixed Straddle; B) Straddle by Straddle; C) Mixed Straddle account election D) Net Section 1256 loss electionThere are only 2 contract transactions on the same date and they expired. My question, how does one determine the appropriate check box? From what I have read, it appears that D would be correct but I'm not sure.Thanks! 

I have a client the is the sole beneficiary of his mothers trust.  For the first 5 years he received just the income from the trust.  I filed 1041 for the trust and schedule K-1 for their individual return.  Beginning this year (2023 return) he receives the income plus a 20,000 payment from principal.  This 20,000 is taxable on their individual return.  My question where do i enter this distribution from the trust in form 1041 and the k-1 so it appears on their personal 1040. Thanks

I don't see the "Form1116" on the drop down list of e-file attachments.  It was required for e-filing last year. Can it still be e-filed if I attach it as an Other, and put the description in? 

My Proseries crashes probably 3x a day. When I am able to open it back up, all of my data is lost. I try to save the file every 5 minutes or so, but I don't always remember to do this. Is there anything to stop this from crashing so much? It extremely frustrating.Sometimes Right Networks loses connection but my internet speed is fast so I don't understand what is happening. Other times a pop up comes up that Proseries must close. This is when I lose all work.Any ideas??

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How do I remove Net investment tax from estate beneficiary's return When Estate has already paid it

Is anyone else not able to efile state taxes from IL?  For the past 3-4 days we have been getting an error when we transmit IL returns.  It says update needed but there are no updates to apply.  

I have a 22-yr old taxpayer.  She's a full-time student and lives in the state where her college is.  She has $1000 of earned income.  Her parents will claim her as a dependent but she pays for college with scholarships.  Her 1098-T reflects $11,000 in tuition and $13,000 in scholarships.  At worst I think $2000 might be taxable but why is Proseries Basic reporting the full $13000 at taxable?What am I missing?

When printing PA local income tax form, says Do Not Mail.....Email. I am unable to email tax form, must be mailed.  Help!

I handle a lot of shopping centers. Their ownership structure can be beyond horrible.  But one set I need assistance with.  Three centers with up to 30 different entities owning (my group owns a portion).  But every entity is a LP or LLC with Class A (regular ownership) and Class B (disregarded entity). Typically Class A in this type of venture operates like preferred stock.  They get for example the first 7% of income. Class B gets apportioned the excess, but again, it's a disregarded entity.ProSeries is very basic in this regard. It gives 4 choices (% of ownership, % of profit sharing, % of loss sharing and special allocations).In my mind I have no ability to force the 7% to Class A and the balance to Class B with anything other than an Excel spreadsheet and all Special Allocations, not using any percentages within ProSeries.  Does any one have experience in this and can offer another method?

I tried calling proseries and the girl couldnt help me she tried but i think maybe she didnt know? I tried looking thru help on intuit page and all i see is that in pro series basic there should be a checkbox on the top left hand corner and i dont see one. I have tried homebase maintenance, i hve tried reset current view and nothing fixes it. Please help im so afraid there might be efile issues on 1 of the 600 accounts i have worked on. I have shut down restarted, i have done all updates and nothing. 

It was PITA clown day here for me. I have a lot of referrals. Thanks.

Many of my clients are seeing thousands more in interest income this year, so their tax bill is higher. Combine that with a higher rate for figuring ES penalty, and once or twice a week I find someone who will owe more than $100 if they wait until April 15 to file their return, but less than $100 if they pay what they owe right now. It is sometimes difficult to convince people that filing early is going to save them money. For people who charge by the form: How much is the fee, for the 2210 not completed?

Hello my fellow accountants!My client just got a letter from NYS about a computational error not allowing total itemized deductions because of the itemized deduction limitation etc. Now it's only a $40 adjustment but this is clearly a software calculation! I looked it over and it seems to be accurate unless I'm missing something but the state doesn't breakdown their calculation. Has anyone had this issue? Thanks! 

I need some assistance with a client that I have. Going to post the gist of their forms below.1098-T: Box 1 - $10,089 & Box 5 - $2,500.001099-Q: Box 1 - Gross Distribution - $12,124.85, Box 2 Earnings - $2,578.92, Box 3 Basis - $9,545.93The 1099-Q is in the Student's name and SS# - parents claim the student. They cannot take a credit for the expenses paid by the 529 MOST plan, correct? I've entered both forms in Proseries but it's not taking into account the 1099-Q form. How do I get it to do that? 

Hi everyone!My client had a major house fire in 2023. However, the last time that I prepared a Casualties and theft loss was in in 2010. I keep running into that the loss must be declared a federal disaster. if so, how this now treated. Please help.Thank YouBarbara G 

1099R entry sheet not carrying thru to 1040 properly.i may need to rebuild file, do not know how to rebuild file.

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@IRonMaN  I cheered your post about the clown face and I received a 1000 cheer badge. I'm just so excited I may have to take the rest of the day off!!

Since it looks like they shut down or restricted or whatever my previous pathetic mail update, I am starting a new one. Unbelievable. A neighbor just brought me a stack of my mail that he said he received. A whole darn stack. Now I have to e-file all these returns. And I still haven't received the certified mail package from Alaska. These people are really a joke. And please Bob don't make excuses for them. I don't want to hear it.

Feel free to tell me this is a stupid question, as long as you also answer it.  It must be because I have asked it several different ways and don't get an answer.I have vacation rental property with personal use.  How do you allocate the depreciation?  The program doesn't seem to do that.  Yes, I enter the rental nights and the personal nights.Thank you so much.  I very seriously need an answer to this question.

Professional User.   Federal extension went through fine. NY gets a weird rejection message saying that:"New York State s corporation S corporation information Worksheet todays date must be entered"Yet there is no place to do so and error check shows no errors.  Support couldn't figure it out.  Its an extension without any money due.

My problem is how and where do I enter the DE activity, Ordinary Business Income, to show up on the Partner K-1 Attachments, separate from the Ordinary Business Income activity of the Rental Real Estate Partnership (Management & Administrative activity)?  K-1, Part III, Line 1.  Majority of operations related to the Rental Real Estate activity is reported on Line 2. Additionally, when I show the results of operations for the enterprise, can I populate both Lines 1 & 2 on each Partner's K-1 (on the same K-1?) Thanks,Bill Sittig, CPA

Good afternoon,My question is:  I open an LLC Business in October 2023, I'm preparing my 2023 Income Tax return, 1040 with a schedule C. I didn't have any income from the business in October, November or December 2023, do I have toreport the amount that I used to set up and started the business?  I am confused, can someone.please help me.Thank you!