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I am preparing a short year tax return for a C-Corporation. I entered the beginning and ending fiscal year dates on Screen 4.1 - Miscellaneous/Other Information. I ticked the box for short tax year for depreciation. I entered the number of months in the short year. However, nothing on the return has changed. The income and expense amounts are still for the total amounts for the entire year. Is it supposed to prorate these amounts?
UPDATE: I just realized you have to enter income and expenses for the short-year only. I thought you can enter income and expenses for the 12 month period and Lacerte automatically pro-rates the income and includes only the prorated income and expenses for the short year only.
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