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State and Local Income Tax Refund Worksheet shows no calculation
In the federal individual income tax return in Tax Processors Plus Desktop, if no calculation is being done on the State and Local Income Tax Refund Worksheet due to line 1 equaling $0, there may be information missing.
How do I Recapture Depreciation?
Some assets, such as buildings and machinery, tend to lose value over time.
Schedule C - Nowhere to Enter Actual Expenses
The first and second menus share the same vehicles.
Employer Paid Dependent Care Benefits
Under IRS Code §129, employers can exclude up to $7,500 ($5,000 before 2026) from an employee's wages for a dependent care assistance program.
Schedule E Line 27
IRS Schedule E Part II concerns income or loss the taxpayer received from partnerships and S corporations.
Entering Dividends and Interest Directly on Form 1040
In the Income menu in the Form 1040 individual income tax return in Tax Processors Plus Desktop are two menu lines for interest and dividends, one for reporting on Schedule B and one for reporting directly on Form 1040.
Form 8959 - Additional Medicare Tax on RRTA Compensation
If a railroad W-2 includes additional Medicare tax in Box 14, that tax should be reported on Form 8959, Additional Medicare Tax on line 23.
How to Enter the Sale of Two Main Homes
If they own and reside in more than one residence, they will need to determine which is their main home based on the facts and circumstances.
Form 7203 - S Corporation Shareholder Stock and Debt Basis Limitations
Form 7203 is used by shareholders of an S corporation to determine if there are any limitations on their share of the S corporation's deductions, credits, and other items.
PTP unallowed losses
Since this K-1 is from a PTP, overall losses reported on lines 8-12 cannot be greater than overall gain reported on lines 1 through 4.
How Do I Delete a W-2?
Once a W-2 has been deleted, it cannot be undeleted.
Attach PDF Document for Rental Safe Harbor Election
If rental activity qualifies for QBID under the safe harbor election as outlined in Rev.
Form 4835 - Farm Rental Income and Expenses
Form 4835 is used to report farm income if the taxpayer is the landowner or sub-lessor, was paid based on production from the farm, and did not materially participate in the operation or management of the farm.
Income or Loss from REMICS
If the taxpayer holds a residual interest in a REMIC, they need to report their total share of the REMIC's taxable income or loss.
Is Schedule D Required?
In the Schedule D menu in Tax Processors Plus Desktop, under the Other button is a menu of items that relate to Schedule D.
Form 8915-F - 2020-2021 Overview
Beginning in 2021, Form 8915-F is used for disaster-related distributions from retirement accounts as well as repayments of distributions, both for the current year as well as prior years.
Carry Disposition to Form 4797?
In Tax Processors Plus Desktop, for an asset being depreciated in the depreciation module in Schedule C, E, or F, you indicate that it has been disposed of in the asset's record by selecting the menu line Disposition .
Form 1099-INT and 1099-OID Error Message for Bond Premium
Sum of Nominee Interest, Decedent Interest, OID Adjustment, Accrued Interest, ABP Adjustment and Accrued Market Discount Must be Less than or Equal to Total Interest.
Form 8915-series - Qualified Disaster Retirement Plan Distributions and Repayments
The IRS Form 8915 series forms are used specifically for disaster-related retirement plan distributions.
Form 1099-B - Aggregating Multiple Stock Transactions
Brokerage firms are required to report stock transactions on Form 1099-B.
Where Do I Enter Unreimbursed Partner Expenses on an Individual Tax Return?
Generally, the partnership pays the business expenses incurred by a partner, however the partnership agreement may specify that the partner is to pay "ordinary and necessary" expenses.
Where Do I Enter The Prior Year Loss on Real Estate Rental Property?
Rental activity is normally considered a passive activity.
Schedule E for Rental Real Estate
Schedule E (Form 1040), Supplemental Income and Loss is used to report income or loss from rental real estate, royalties, partnerships, S corporations, estates and trusts, and REMICs.
Form 8915-E - Qualified 2020 Disaster Retirement Plan Distributions and Repayments
Form 8915-E is used by taxpayers who were adversely affected by the coronavirus in 2020 and who received a retirement plan distribution that qualifies for favorable tax treatment.
Schedule B - Other Menu
If total interest less excludable interest on series EE and I U.S. savings bonds issued after 1989 is greater than $1,500, or if total dividends are greater than $1,500, Schedule B Part III must be completed.