Qualified Conservaton Contribution eligible for 50% limit
ProSeriesHow do I get the program to accept or calculate the 50% limit on a Qualified Conservation Contribution on Schedule A without overriding the field?
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rocco
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Questions answered: 8
Points earned: 18
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08/31/10 5:19pm PDT
Viewed by asker 09/01/10 6:41am PDT
Viewed by asker 09/01/10 6:41am PDT
5 Replies
Accountant Man
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Questions answered: 10671
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Accountant Community AllStar
Advisory council of Accountant community power users.
08/31/10 5:21pm PDT
Is there a code for the QCC? Check the 8283 when the value is more than $5,000.
Is there a code for the QCC? Check the 8283 when the value is more than $5,000.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
09/01/10 6:26am PDT
Yes i selected code n for the QCC. But the program still uses the 30% limit instead of the 50%.
TAXOH
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Questions answered: 3601
Points earned: 13749
Accountant Community AllStar
Advisory council of Accountant community power users.
08/31/10 5:43pm PDT
To make the election check the box on line B of the noncash contributions smart worksheet on Schedule A.
If this does not answer your question hopefully someone else will be along to help.
09/01/10 6:40am PDT
checking that box results in the entire deduction being eliminated from the return
09/01/10 6:46am PDT
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Go to that box again and click on the ? at the top of the screen - it will tell you what else you need to do.
