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Level 4
April 4, 2025
Question

Mo negative income deduction

  • April 4, 2025
  • 1 reply
  • 11 views

Client has a negative income on their business.  Their spouse has wages and distribution.

The correct amounts are shown on the AGI schedule, but the negative income for the taxpayer is

not being brought forward to the MO-1040 Fed AGI  line 1.  The taxpayers income is $0.

Not correct , should be the negative amount from the federal.

This topic has been closed for replies.

1 reply

sjrcpa
Level 15
April 4, 2025

Is that how MO wants it? Some states say do not enter less than zero.

The more I know the more I don’t know.
TIMMBOAuthor
Level 4
April 8, 2025

If you do not put on the Y-1 then the total does not reflect the loss.  Don't have time to bring up to Pro Series.  Fixed it my self...Thanks