Pro Series form 1041...where to enter nq annuity

[AZ-Tax]

I entered the taxable amount of the NQ annuity on form 8960 Ln 3. The amt flowed to 18a. I entered the same exact amt on Ln 18a on to 18b. The heirs K-1 displays the amount from the annuity as 14 E (net investment income). According to the K-1 instructions, 14e positive amount is to reported on form 4952 (Investment Interest Expense Deduction) of the heirs form 1040. Something does not seem to be correct?

[TAXNJ]

Answer

Maybe a input error or,

If you purchaed the product it usually has technical support If you know it is not providing or correctly populating the tax form try technical support.

[AZ-Tax]

Pro Series not to versed in form 1041

Maybe a input error or,

If you purchaed the product it usually has technical support If you know it is not providing or correctly populating the tax form try technical support.

Pro Series customer support is not very versed in supporting form 1041 from what I experienced.

[TAXNJ]

Didn't

Pro Series customer support is not very versed in supporting form 1041 from what I experienced.

Didn't you have a similar post and received a post reply that arrived with same answer you posted? Was the result correct?

One would think a large vendor such as Intuit Pro Series should be "versed" in supporting form 1041. The vendor does have CPAs and EAs and other tax professionals that can assist you. You should let them know how they need to properly change their programming errors to be in compliance with the IRS code as you found.

Intuit Pro Series Technical Support management should be the one aware of and addressing their programming error you found, if it is an error.

It is a waste of your time to constantly run into these software issues that you post and if not happy with the service you purchased, have you considered a vendor to your satisfaction that maybe better "versed" to save you time and money? There are many out there to select from.

[Burke]

That other post was from Appelman and was another issue:


The annuity goes on Line 8 of Page 1 of the 1041 under "Other Income." The NIIT applies to undistributed net investment income and AGI over the threshold amount, so since the income was distributed to the heirs, it is reflected in the DNI deduction. This should not be causing a problem. The taxable income will then flow through to the K-1's properly on the same line as Other Income.

[TAXNJ]

Pro series & QB

Maybe a input error or,

If you purchaed the product it usually has technical support If you know it is not providing or correctly populating the tax form try technical support.

It had to do with Pro Series and import of Quick Books data.

Point is that tech support should answer the technical questions from their customers if a programming issue is found.
If not a technical problem then it becomes a different issue.

[Burke]

In this case, it is an input error.

[TAXNJ]

not technical

In this case, it is an input error.

Ok. Then it would not be a Pro Series problem. As you know, software companies cannot provide one guidance on the tax code (and will not assume responsibility) and how to prepare/interpret a return.