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Form 5472 Part II (25% foreign SH), unlike UT and Drake, Lacerte only shows the information for 2 foreign Shareholders. But if there are more than 2, it does not create an additional statement to include the 3rd or 4th sharehoder.
There should be a way to add up to 4 if it's 25% or more, correct? We could do this in Drake...
We are new to Lacerte and I searched for an answer but most people were asking how to fill out the form itself than the functionality.
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HEY For anyone else who is having this issue with 5472 Part II adding more than 2 - YES, the IRS instructions are the sales - add additional forms and you do that manually, but Drake you could do it in the software.
Here's the work-around - Add clients you need on Screen 8. Here are the steps:
- Enter Client / Owner 1
- Click on Detail Menu at the top of the program, then go to Copy Property
- Then go back to the Detail Menu and go down to Paste Property.
It will make a copy and you won’t have to completely fill out everything again. You would only need to edit the fields that needed changing.
