ProSeries Frequently Asked Questions

Products Affected:

• ProSeries/Minnesota S Corporation

Minnesota Form M8, S Corporation Return, line 13 is transferring an incorrect amount for the overpayment applied. Instead of transferring the overpayment amount from Form M8, line 21 from Tax Year 2006, the program is transferring line 20 which is the entire overpayment amount. The calculations in the tax return could be adversely affected resulting in an artificially lower tax liability (or higher tax refund).

This situation was corrected in the Minnesota S Corporation update that became available online on February 25, 2008. Download and install this update. (Go to the Update menu and select Update Installed Products.)

Workaround (prior to update)

Follow these steps to manually override the incorrect amount:

1. Open the 2006 ProSeries program.
2. Go to the 2006 Minnesota S Corporation Form M8 and write down the amount listed on line 21.
3. Close the 2006 ProSeries program and open the 2007 ProSeries program.
4. Go to the 2007 Minnesota S Corporation Information Worksheet and override the Overpayment applied from prior year amount with the amount from line 21 of the 2006 Form M8. ProSeries Minnesota S Corporation should now calculate this amount correctly.