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posted Oct 1, 2024 5:27:51 PM

Colorado addback for itemized deductions.

Client had over 1 million in gambling income and more in gambling losses (limited to income) but Colorado is adding back all but 16,000.  Is there any way around this insane measure?  Resulting in Colorado  charging/collecting more than $50,000. in tax while client had an actual loss of more than $300,000.00.  How they can tax losses should be criminal. 

 

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Level 15
Oct 1, 2024 5:38:03 PM

"The client"? Are you a tax preparer? You cannot use TurboTax to prepare tax returns for clients. TurboTax is only for do-it-yourself consumer use and cannot be used by paid preparers. Intuit (the company that makes TurboTax) has three tax software product lines for professional preparers: ProSeries, Lacerte, and ProConnect. You can find information about all three product lines at the following link.


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