Tax Losses Can Only Be Entered as a Positive

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  • Updated 11 months ago
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In item 16 of the Reckon Elite individual income tax return (Deferred non-commercial business losses), I can't seem to enter the losses as a negative; it doesn't allow me to post a number as "-XX" or "(XX)".  

Entering the number as a positive, seems to have the opposite effect of a tax loss.  The tax losses get treated as income items instead. 

FYI, this is occurring on the 2009-2011 tax return forms, and I've applied all updates for the forms for those years.

Does anyone have a workaround as to how to enter the c/fwd loss figures as a negative?  

(Apologies if it's a simple solution I've missed) :)
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Kevin

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Posted 11 months ago

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Matthew, Employee

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Hi Kevin,

Item 16 is for determining if the loss needs to be deferred and added back depending on weather it meets the requirements in the tests.

The number cannot be entered as a negative.

If it meets the requirements then the loss will not be added back.

There are 4 tests that need to be considered.

You can email me at matthew.bambrick@reckon.com and I can give you more detail.

Matthew
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Kevin

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Thanks Matthew, I think I had the wrong idea.  It's not like a company losses schedule, where you list the tax losses for each year.

It's for reversing any losses that were reducing the current-yr income figure (hence it increases profit).  And if you're just accumulating more losses on top of previous losses, you'd leave that schedule blank.

...so I did miss a simple solution after all :)
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Matthew, Employee

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Hi Kevin that's right, 

There is also the section for Tax Losses from prior years as the last item in the deductions screen,
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Kevin

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Thanks for the prompt response, mate