ProSystem fx, Kiddie Tax, & K-1s

[Lion]

Anybody out there using or have used ProSystem fx? I'm starting a family with kiddie tax, and I have a few more partnerships coming up where I also do the personal returns. What do I need to know about grouping returns so some of the work will flow for me? All tips and tricks much appreciated. New this year, and on my own. This on-the-job training is killing me!

[Lion]

Bump

Just want this around when people wake up on Saturday morning.

[Sue C]

There is a way to "import" the K-1 information from a partnership or trust return into the individual return but I don't use that. For mine, it doesn't seem like too much effort to just input the K-1. But I'm pretty sure there is a way, so check into it if you want to try it.

The kiddie tax works great on Prosystem if you do the parents and the kids returns. First do the parents return and save. Then on the kids return, input the client ID number of the parents return and any other related kids returns at the bottom of input form T-10. Complete each of the kids returns and save. Now it's just a little tricky. Open up EACH of those returns AGAIN and recalculate each of them. You may have to make a minor change (input something in a field and then delete it) to force it to recalculate. Then you can open up each return again and it brings over everything, including if there is the capital gains/qualified dividend tax calculation. Allocates everything correctly. You just end up opening up the returns a couple times so that the changes are "connected" to the subsequent returns. If any changes, open each of them up, recalculate again, and open them up again. Good luck! Hope I got this to you in time to help.

[Lion]

Thank you, Sue

Thank you, Sue. The Kiddie Tax went really well, thank you. When I worked for a company, I'd wait until everyone went home and open up the various family members returns on different computers and keep running around from office to office until I had everything input on each sibling -- literally running around in circles. ProSystem fx is soooooooooooooo easy, even with reopening a couple of times; they all appear on a list and you just click from one to the next.... Now to tackle a couple more partnerships and maybe try out exporting/importing K-1s. Thank you very much.