Input of Oil & Gas Excess Drilling Cost Turbo Tax does it right Proseries d
I have a client who is a general partner in an oil & gas property. I was unable to get the operating loss and intangible drilling costs to transfer to Sch E/Form 1040 correctly. I talked to my client's investment advisor who does his own taxes using Turbo Tax -- Turbo Tax asks the question "Is XXX Co a working interest in an oil and gas property that does not limit your liability?" By saying yes the numbers flow correctly on Turbo Tax. I called Proseries and the only way to get the numbers to flow correctly is to check the box that says the taxpayer is a material participant. It is really embarrassing that I had to call my clients financial advisor, who uses Turbo Tax, to find out that Proseries doesn't work as good as Turbo Tax. I wish Intuit would send out alert emails when someone brings this kind of thing to their attention so that you know there is a problem with the program transferring the correct information to other parts of the return. Anyone know how we could get Proseries to do this for us? Or at least they could have a place on their web site that lists places where work-around might be required. This is not the first time I have found an error in the program and talked to tech support about it but nothing is ever sent to other users so they can watch for similar situations and do a work around.