Yardley CPA Posted February 10, 2019 Report Share Posted February 10, 2019 New client, MFS, had state tax refund last year. Where is the ATX schedule that allows you to input the previous year's Schedule A information to determine if the previous year's refund is taxable on this years return? I know Schedule 1 contains the line to input the refund, but when you jump to the corresponding schedules, I do not see anywhere to input previous years Schedule A information. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted February 10, 2019 Report Share Posted February 10, 2019 On Schedule 1, line 10, follow the arrow and choose the first option m 1040, Individual Income Tax Return and Schs 1-6 Ln 10, Sch 1 - Tax Refund. I think that is the worksheet you want. 1 1 Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted February 10, 2019 Author Report Share Posted February 10, 2019 5 minutes ago, Margaret CPA in OH said: On Schedule 1, line 10, follow the arrow and choose the first option m 1040, Individual Income Tax Return and Schs 1-6 Ln 10, Sch 1 - Tax Refund. I think that is the worksheet you want. Thank you!!! That's exactly what I was looking for. 1 Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 12, 2019 Report Share Posted February 12, 2019 I thought you had only to compare the amount of the refund vs the standard deduction. So if the refund was $2,000 and the standard deduction was $9,350, as long as the itemized deductions were more than $11,350, the whole refund was taxable. I normally only overwrite that box. 1 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 12, 2019 Report Share Posted February 12, 2019 AMT. What would've been the Sales Tax deduction. Maybe something else I'm missing. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 12, 2019 Report Share Posted February 12, 2019 1 hour ago, Lion EA said: AMT. What would've been the Sales Tax deduction. Maybe something else I'm missing. If you claimed sales tax the year before, and if your tax was zero (no tax benefit). When there's AMT, we open up last year's return and reduce the income tax deduction by the amount of the refund to see if the federal tax changes. Then we print page 2 of the 1040 and the Sch A to prove it's not taxable. This is where closing without saving is such a great idea. 1 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 12, 2019 Report Share Posted February 12, 2019 Yes, but all that goes to show that we do need prior year returns for new clients, and we do need to check various moving parts. It isn't always a simple formula. 2 Quote Link to comment Share on other sites More sharing options...
jasdlm Posted March 8, 2019 Report Share Posted March 8, 2019 Has anyone else had the situation where ATX is NOT populating the 'last year's itemized deductions' field in the worksheet when last year's return was prepared by you in ATX? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 8, 2019 Report Share Posted March 8, 2019 Only when last year was standard deduction or sales tax was claimed. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted March 8, 2019 Report Share Posted March 8, 2019 10 minutes ago, Abby Normal said: Only when last year was standard deduction or sales tax was claimed. Mine is doing it every time. Grrrrr. 1 Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 9, 2019 Report Share Posted March 9, 2019 On 3/7/2019 at 10:00 PM, Abby Normal said: Only when last year was standard deduction or sales tax was claimed. Mine also does it when the clients owed. Quote Link to comment Share on other sites More sharing options...
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