Starting an Amended Return Select the option “20XX Amended Return” from within the tax return to file an amended return for this year’s tax return. The amended return(s) cannot be E-Filed, and a copy of the original return(s) must be mailed with the amendment(s). The program will open the Amended…

Eligible educators can deduct up to $250 of qualified expenses they paid during the tax year. If married filing joint and both taxpayers are eligible educators, the maximum deduction is $500. Neither spouse can deduct more than $250 of their qualified expenses. Eligible Educator A taxpayer is considered an eligible…

A lump sum Social Security payment is one that was paid in the current year as back pay for previous years. Depending on the taxpayer’s current year AGI, this income may be taxable and should be reported on Form 1040. Boxes 3 to 5 of the taxpayer’s 1099-SSA are relevant:…

The Other Adjustments menu contains several adjustments that are deducted from income to calculate Adjusted Gross Income. The available adjustments in this menu may change from one year to the next due to changes in tax law. When entered, these adjustments are included on Schedule 1 (Form 1040) Line 22…

The program will automatically receive Federal and State Acknowledgements for returns that have been e-filed. There are two ways to check on rejected returns: From the Welcome page, select On the Client Search line, click Select On the client’s entry in the Client List, click the Tools drop-down menu and…

Starting in 2014, certain payments that a taxpayer receives from certain state agencies, the foster care system or Medicaid for caring for someone living in their home under a state’s Medicaid waiver program may be excluded from the taxpayer’s income as provided in Notice 2014-7. These Medicaid waiver payments may be excluded…

Click the attachment below to view the current Keystone Tax Solutions ProWeb User Manual 2019 Pro Web User Manaul.pdf5 MB Download

In 2008, Congress passed legislation requiring brokers to report the adjusted cost basis for taxable accounts to the IRS and taxpayers via Form 1099-B starting with tax year 2011 for some securities. This legislation also required that a 1099-B indicate if the gain or loss is short-term or long-term and…

Keystone Tax Solutions ProWeb offers you the ability to do a quick calculation of what your client’s refund may be. This tool will guide you through a series of questions to help you give your client a fast estimate of their potential refund or amount due. Note: The result is…

When an individual taxpayer inherits a traditional IRA from anyone other than their spouse, the taxpayer cannot treat the inherited IRA in the same manner as they can treat an IRA that they own otherwise. Moreover, an IRA which is inherited is subject to several limitations on distributions that are…