Products Affected:
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- ProSeries/Colorado Corporation
Situation
The Colorado Corporation tax return transfers the 2006 balance due to 2007 as an overpayment of 2006 taxes credited to 2007 estimated tax. This amount is entered in Part III of the Colorado Corporation Information Worksheet. This affects page 1 of the tax return and amended return.
Solution
This situation will be corrected in the Colorado Corporation update anticipated to be available online on or about March 26, 2008. Download and install this update when it becomes available. (Go to the Update menu and select Update Installed Products.)
Workaround (prior to update)
In Part III of the Colorado Corporation Information Worksheet, replace the incorrect amount transferred to the “Amount of 2006 overpayment credited to 2007 estimated tax” line with the correct amount or leave it blank, if appropriate.