Discussion:Debt Indicator Codes
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Discussion Forum Index --> Basic Tax Questions --> Debt Indicator Codes
Discussion Forum Index --> Tax Questions --> Debt Indicator Codes
| 11 June 2008 | |
| Proseries has a new feature this year called client snapshot that gives us a quick little summary of the tax return. E-file date, acceptance date, expected funding date, etc...
Just noticed today a line caleed Debt Indicator. In this particular client, the indicator had an "F" in it. Most others have an "N". My assumption is that where there is something other than an "N", the client has some kind of obligation outstanding and it is possible their refund will be used to offset this obligation. I know that when I do a Where's My Refund and there is a tax tip topic, usually means something is up with the refund. Is this a Proseries code or is their a list of Debt Indicator Codes that explain what types of Debt the clients refund will be held up for. Such as, child support, other federal tax obligations, state obligations, etc.... Thanks, | |
| 12 June 2008 | |
| "F" = Federal debt, i.e. back taxes, etc. "I" = other, such as state taxes, child support, etc. "B" = both federal and other. "N" = no debt indicator. | |
| 12 June 2008 | |
| I thank you very much Okie. I figured it meant something, just wanted clarification. | |
| 12 June 2008 | |
| I got the first two codes backwards, "I" = IRS, federal. "F" = Financial Management Services department of Treasury that holds for states, child support etc. | |
| June 12, 2008 | |
| That is dang cool, Fred. Took me a while to find it...and discovered that for my one client that I checked, it was incorrect. He'd filed BK years ago, and they snatched his stimulus payment, even tho' the indicator code is N. Still cool tho'. | |
| 12 June 2008 | |
| Okie - That makes a lot more sense and thanks. Where did you find that?
JR1 - I didn't notice it until just the other day. Was checking someones snapshot status <which in itself is a neat feature> and noticed the Debt indicator. Then went and checked a few clients who I knew had issues and they all had the F code, which in turn caused the client to mouth a few F words themselves. lol | |
| June 12, 2008 | |
| This sounds cool....why doesn't Lacerte have this? Or am I just not finding it... | |
| 13 June 2008 | |
| Belle, you won't find Page 147 of Pub 1346 in Lacerte. Okie was talking to me. lol
Thanks Okie. | |
| June 13, 2008 | |
| Darn, I spent ALL night (and half a bottle of good tequila) looking for it.. <w> | |
| June 13, 2008 | |
| OK, then. Good tequila, you wouldn't find it. Usual tequila, after the fifth or sixth shot, I think you'll see it there. | |
| 13 June 2008 | |
| You might have to swallow the worm as well Belle. Not sure how Nats is going to twist that into something dirty, but I am sure she will. :-P | |
| June 14, 2008 | |
| Geez Fred, are you trying to get me into trouble or what?
Belle, I don't think Lacerte has a summary that includes the indicators. Lacerte doesn't have Form 9325 and apparently ProSeries does. | |
