Client has Gross & Net Income on Sch C of an amount greater than their estimated tax payments during 2011, yet receiving error that the "Estimated tax payments may not be greater than taxable income for electronic filing."
Anyone else having this problem and/or have a solution?
More important than Sch C net income, what is line 43?
See link:
This is a self-employed individual - line 43 is 0, however, the IRS rule for this (www.irs.gov/pub/irs-schema/ty2011v3_0_legacy_erc_-_mef_business_rule_crosswalk.pdf) states that it should only apply if the sum of Wages, Salaries, .........and Total Gross Reciepts of Schedule C/C-EZ are less than the estimated payments or taxes withheld, which is most definitely not the case in this situation.
I ran into the same issue. The client had the same situation in 2010 and the return was efiled without a problem. I haven't found a solution as of yet.
I had a return all done and ready to efile. UNTIL today when I opened it up to let it "update" before I efiled and now I get an error. Line 63 is saying that the estimated payment cannot be more than the taxable income HUH? They certainly CAN have more paid into estimates then the actual taxable income and the actual tax due.
In my case, they actually do have a ZERO taxable income and a ZERO tax liability BUT they have an SE tax of $ 2000 and a line 63 payment of $ 1885 which means they still have a balance due of $ 115. I cannot file this return until this error is fixed.
How long before they fix this error? :( I am not happy that I have to hold up these clients because of a program error. Some clients just don't want to hear that you don't have their return completed because of software issues.
I'm having the same problem. Pro series was a huge disappointment this year and I love how you can't call aftre six.
If you are positive the return is correct, e-file it by its self. When you convert and transmit, uncheck the "enable error conversion checking" and file it. It will go through.
taxwhat, I think it's funny that we can't call after six, but the TurboTax users can get support until late at night, go figure.
VDM:
Maybe if we all agree to pay a little more like Turbo Tax then will support us later *taking tongue out of cheek*
Dusty
Just received the following response from ProSeries:
Support Response:
At this time, the above error message is being investigated as a possible defect. It was believe that the following entries on a tax return would result in the IRS rejecting the return, however, that may be inaccurate.
For now it is possible to efile those returns with the error message being generated. Be sure that this is the only error message in the return, once that is done perform the following to send the return with that error message:
