DOES PROSERIES SUPPORT THE NYS MTA TAX FOR SELF-EMPLOYED INDIVIDUALS?
MY COLLEAGUE'S 2008 TAX PROGRAMS ALL HAVE IT AS AN UPDATE TO THE 2008 TAX SOFTWARE.
PLEASE ADVISE ASAP AS THE FILINGS ARE DUE 11/2/09 FOR THE 1/1/09 - 9/30/09 PERIOD.
Lcummings - Is it possible this is not an income tax form? A response by a Quickbooks user in an earlier post suggests it is a Quickbooks form. See this link -
http://community.intuit.com/po...
Also, if you enter NYS MTA in the search box above where you enter a question you will get 11 other posts.
THE NEW NYS MTA TAX IS FOR EMPLOYERS (COVERED THROUGHA PAYROLL PROGRAM I USE) AND SELF-EMPLOYED INDIVIDUALS IN THE NYS MTA AREA.
THIS IS A NYS PAYROLL TAX FORM FOR EMPLOYERS AND A INCOME TAX FORM FOR THE SELF-EMPLOYED.
IT BASED ON THE SCHEDULE C NET YTD INCOME OF THE TAXPAYER FOR 09, HOWEVER NYS IS ACCEPTING THE COMPUTATION BASED ON THE 2008 SCHEDULE C NET INCOME ( A GIVEN). ALTHOUGH I HAVE SOME CLIENTS WHO ARE SCHEDULE C'S ON QUICKBOOKS, ABOUT 50 OF MY CLIENTS WHO ARE SELF-EMPLOYED JUST SUBMIT TO ME THEIR INCOME AND EXPENSES FOR THE YEAR ON A SCHEDULE FOR ME TO INPUT DIRECTLY INTO THE SCHEDULE C ON PROSERIES.
EVERYONE OF MY COLLEAGUES USING OTHER TAX SOFTWARE HAVE DOWNLOADED THE UPGRADE FOR THE 08 PROGRAM AS 09 HAS NOT YET BEEN RELEASED YET, THAT INCLUDES THE FORM, UTILIZES THE SCHEDULE C NET INCOME, PERFORMS THE COMPUTATION AND ALLOWS YOU TO PRINT OR PDF THE FORM FOR FORWARDING TO CLIENTS. I AM HOPING THAT PROSERIES DID NOT DROP THE BALL HERE AND IS PROVIDING IT TO THEIR PROFESSIONAL CUSTOMER BASE AS WELL.
IT WOULD BE VERY TIME CONSUMING TO HAVE TO PREPARE THESE MANUALLY, EVEN IF THE STATE PROVIDES A FILL IN FORM FOR EACH CLIENT WHEN THE SOFTWARE CAN SIMPLY FILL IN THE NAME, ADDRESS, TAX ID# AND COMPUTE THE TAX BASED ON THE SCHEDULE C AMOUNT FROM 2008.
You have posted your question in the ProSeries tax forum and I believe it should be posted in a Quickbooks forum. I believe the form is a Quickbooks Employment tax form, not a ProSeries tax Income tax form. You can access the Quickbooks forum at the top of the column to the left of this window.
Last Answer from Mimbreno at 10/18/2009 21:52:
You have posted your question in the ProSeries tax forum and I believe it should be posted in a Quickbooks forum. I believe the form is a Quickbooks Employment tax form, not a ProSeries tax Income tax form. You can access the Quickbooks forum at the top of the column to the left of this window.
I APOLOGIZE AS MY PREVISOUS NOTE MAY NOT HAVE BEEN CLEAR ON THE NATURE OF THE FORM THAT I AM LOOKING FOR ON PROSERIES.
I AM LOOKING FOR THE NYS MTA-5, Estimated Metropolitan Commuter Transportation Mobility Tax Payment Voucher.
THE NYS MTA TAX IS FUNDED BY THREE SOURCES. 1. IT IS AN EMPLOYMENT TAX FORM NYS MTA-305 FOR EMPLOYERS WHO PAY WAGES TO THEIR EMPLOYEES. THIS IS MOST LIKELY THE RETURN YOU ARE REFERRING TO ON QUICKBOOKS.
2. IT IS ALSO A FORM FOR SELF-EMPLOYED INDIVIDUALS TO FILE, TO DECLARE AN ESTIMATED TAX PAYMENT FOR THIS TAX, NYS MTA-5 TO REPORT AND REMIT AN ESTIMATED TAX PAYMENT, BASED ON THEIR FORM 1040-SCHEDULE C NET INCOME.
3. THE ESTIMATED TAX FILING VOUCHER NYS MTA-5 IS ALSO REQUIRED BY PARTNERS AND MEMBERS IN PARTNERSHIPS AND LLCS, RESPECTIVELY, UNLESS THE PASS THROUGH ENTITY FILES AND PAYS THE TAX FOR IT'S PARTNER/MEMBER ON THE PARTNER'S BEHALF.
THE PROSERIES 1040 PROGRAM IS USED TO RECORD THE SELF-EMPLOYED INCOME AND EXPENSES ON SCHEDULE C - INCOME OR LOSS FROM BUSINESS.
AS THE PROSERIES DATABASE ALREADY HAS IN IT ALL THE INFORMATION NECESSARY TO COMPLETE THE RETURN - TAXPAYER NAME, ADDRESS, SS# AND SCHEDULE C NET INCOME FROM THE PRIOR YEAR, WHICH MANY ACCOUNTANTS ARE USING TO COMPUTE THE 09 ESTIMATED TAX PAYMENT DUE BY 11/2/09. IT WOULD BE A NATURAL FOR THE PROSERIES TAX PROGRAM TO GENERATE THIS NYS TAX ESTIMATED TAX FORM.
EVEN IF QUICKBOOKS GENERATES THIS ESTIMATED TAX FORM (DOUBTFUL), IT WOULD BE IMPRACTICAL AND TIME CONSUMING TO SET UP A COMPANY FOR EACH SCHEDULE C, AN ACCOUNTANT PREPARES (UNLESS THE BOOKS AND RECORDS FOR THE SCHEDULE C IS KEPT ON QUICKBOOKS) AND RE-ENTER THE INFORMATION ONTO QUICKBOOKS JUST TO GENERATE THIS RETURN. ALSO I BELIEVE YOU ARE ONLY FOCUSING ON THE EMPLOYMENT TAX FORM REQUIRED FOR EMPLOYERS TO FILE THE NYS MTA-305, NOT THE ESTIMATED TAX PAYMENT VOUCHER NYS MTA-5, THAT SELF-EMPLOYED INDIVIDUALS NEED TO FILE. THEN ONE MIGHT AS WELL ENTER THE INFO. DIRECTLY ON THE FORM AVAILABLE ON THE NYS MTA WEBSITE.
OTHER INDIVIDUAL INCOME TAX SOFTWARE PROGRAMS (EVEN ONES THAT HAVE A BOOKKEEPING/ACCOUNTING PROGRAM LINKED TO THEM) HAVE FACILITATED THIS FORM THROUGH AN UPDATE TO THE 2008 INCOME TAX PROGRAM. ALL THE INFORMATION NECESSARY TO PREPARE THE MTA ESTIMATED TAX VOUCHER, IS ALREADY ON THE 1040 PROGRAM FOR THE SELF-EMPLOYED INDIVIDUALS.
TO REITERATE IT IS NOT ONLY FOR A RETURN COMPLETED BY EMPLOYERS, THE NYS MTA -305, BUT ALSO TO GENERATE THE MTA-5 Estimated Metropolitan Commuter Transportation Mobility Tax Payment Voucher.
Lcummings, for future use of these forums, please type in mixed case,not all upper case. Although for some reason your postings do not look like shouting to me, I am having trouble reading them.
I have my tri-focals on, but still.
Based on your additional information I believe you will need to call Intuit to get an answer. This forum is made up of users like yourself and we are not any more privy to information about release dates or availability of tax program features or added forms than you are. Sorry.
