Taxpayers who adopt an eligible child may qualify for an adoption tax credit. Generally, a taxpayer may qualify for the adoption credit if they paid qualified expenses relating to the adoption of an eligible child. Form 8839 is used to calculate the allowable credit of an eligible child based on…

For overview information about the Schedule K-1 (Form 1120S) click here. To enter a K-1 (Form 1120S) in Keystone Tax Solutions from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings – Select ‘Begin’ next to Schedule K-1 (Form 1120S). NOTE:…

Election to claim the foreign tax credit without filing Form 1116 Individuals may claim the foreign tax credit by entering the amount directly on the Foreign Tax Credit line of the Form 1040, if the following conditions are met. All foreign source gross income is passive income. For purposes of…

In Keystone Tax Solutions Proweb, adjustments, itemized deductions, and credits are entered within the Deductions Menu. Adjustments Under the Adjustments menu, you will find the following forms and adjustments: Medical Savings Account Form 8853 Educator Expenses Expenses for Reservists, Performing Artists, and Qualifying Government Employees Health Savings Account Form 8889…

To enter a K-1 (Form 1065) in Keystone Tax Solutions from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings – Select ‘Begin’ next to Schedule K-1 (Form 1065). See below basic information on each part of the Income section of…

To enter a K-1 (Form 1065) in Keystone Tax Solutions from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings – Select ‘Begin’ next to Schedule K-1 (Form 1065). See below basic information on each part of the Income section of…

The Credit for the Elderly or the Disabled is a nonrefundable credit, and its calculation varies depending on the taxpayer’s filing status, age, and income. If the tax return has a filing status of married filing jointly, the spouse’s age, income, and disability status are also taken into account. This…

To enter a K-1 (Form 1065) in Keystone Tax Solutions from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings – Select ‘Begin’ next to Schedule K-1 (Form 1065). See below basic information on each part of the Income section of…

To enter a K-1 (Form 1065) in Keystone Tax Solutions from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings – Select ‘Begin’ next to Schedule K-1 (Form 1065). See below basic information on each part of the Income section of…

The Mortgage Interest Credit is a nonrefundable credit intended to help lower-income individuals own a home. A taxpayer may claim the mortgage interest credit if a qualified mortgage credit certificate (MCC) was issued by a state or local governmental unit or agency under a qualified mortgage credit certificate program, the…