brent
Level 3
02-23-2021
12:46 PM
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Hello,
I'm working in Lacerte 2020, partnership module right now. Lacerte is generating a "Gross receipts per reg 1.59A-7(e)(2) - current year" statement on Sch K, Line 16r as well as a slew of foreign tax items on Line 16 of each K1. The partnership owns a single rental property, has no foreign activity, and is not an applicable taxpayer for purposes of IRC §59A, nor are any of the partners. How do I suppress all this 59A info? I'm currently on Screen 22>Other Schedule K Items>Other Income and I do not see any input field for "Gross Receipts for section 59A(e)" as mentioned below. I'm a long time, over 20 year Lacerte user, specializing in partnerships. Please advise!
Thank you,
Brent Sweet CPA