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ProSeries Frequently Asked Questions

"Gulf Opportunity Zone - Qualified Property" Checkboxes May Not Transfer

Products Affected:

• ProSeries/Client Organizer
• ProSeries/1040

Situation

Taxpayers meeting ALL the following conditions are affected by this situation:

1. Taxpayer had a trade or business in the GO Zone on their 2005 ProSeries 1040 tax return.
2. The business placed assets in service after 08/27/05 and before 01/01/06, which contained a mix of both qualified and non-qualified GO Zone assets.
3. The tax return was transferred from 2005 ProSeries/1040 into 2006 ProSeries/Client Organizer and then into 2006 ProSeries/1040.

When transferring client files from 2005 ProSeries/1040 into 2006 ProSeries/Client Organizer and then into 2006 ProSeries/1040 the “Gulf Opportunity Zone – Qualified Property” checkboxes on the Asset Entry Worksheet are not being transferred into 2006 ProSeries/1040.

This causes all assets placed in service after 08/27/05 to default to qualified or non-qualified based on the GO Zone checkboxes on the related business schedule (i.e., Schedule C, Schedule F, etc.). Any exceptions to this default are lost.

Workaround

Follow these steps to manually correct this situation:

1. In the 2006 ProSeries 1040 tax return, review any assets for GO Zone businesses that were placed in service after 08/27/05 and before 01/01/06 to make sure the “Gulf Opportunity Zone – Qualified Property” checkboxes match the 2005 ProSeries 1040 tax return.
2. Manually correct any checkboxes that do not match the 2005 ProSeries 1040 tax return.

Solution

This situation will be corrected in the next update, which we anticipate will be available online in December. View anticipated release dates.

Download and install this update when it becomes available. Re-transfer the client's file from 2006 ProSeries/Client Organizer into 2006 ProSeries/1040.

Note: If you made manual corrections or entered other data on the 2006 ProSeries 1040 tax return, that data will be lost when you re-transfer.

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