GROCO

Gosystem Training on 12/12/2022 by Denise

Agenda of the training

1. Helpful sources
2. Help knowledgebases
3. Current year guide
4. K-2/ K-3 Individual
5. QBI

There are a few things to mention before discussing the above topics.

1. Help sources are very helpful tool. Home->Help Resources-> Frequently Asked Questions

Has trending topics, FAQ and questions by entity types.

Post-Release known Issues

Home->Help Resources->Post-Release Known Issues-> It will require to login into Thomson Reuters website. See below the screenshots.

After login to the website, the case management dashboard will appear. Click on knowledge. Choose CS professional Suite, Gosystem Tax RS, Error and click enter. It will show recent articles on errors. The article will show the problem and solutions. See below screenshots.

1. Help knowledgebases

Gosystem Home page->Help Sources-> Help Knowledgebases-> choose the forms

Below screenshot shows after choosing 1040. It will have additional resources for each type of forms.

1. Current year guide

Current year guide can be found under Gosystem home page-> Help resources->Current documents->Guides will show by entity type.

1. How to enter K-2/K-3 information on Individual tax return

First, go to Organizer-> Income-> Schedule K-1-Choose the K-1->K-3 International Inc/Ded/Cr-> Choose the name of Foreign country and foreign income type. If there is different type of foreign income, then create another K-1 to enter the information. For example, K-1 has 2 different types of foreign income; passive category income and general category income. Then need to create two K-1s for each type of foreign income.

Second, go to Organizer-> Foreign Information-> Foreign tax credit-> Add new Foreign Country- Enter country names and choose Foreign Income type. See below screen shot.

Below is printed detailed schedule for foreign information.

1. QBI

How to adjust PY Carryover- Go to Organizer-> Schedule K-1-> Qualified Bus Inc Ded-> Scroll down to Prior Year Carryover and allocation of activity’s suspended current year loss/released prior year loss carryover. Click on the down arrow next to the partnership’s name.

Click on right category arrow down. Passive vs nonpassive,

Below a screen will appear. Update the prior year amounts.

QBI requires full recompute even auto compute is on.