Level 11
05-13-2021
10:00 AM
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Um, best of luck with that? 🙂
I use Lacerte, which works very similarly to ProConnect, but with some additional abilities. For my guy with lots of hedge fund / alternative investment K-1s, it takes me an extremely complex Excel file and judicious overrides to get the tax return presentation right. Neither Lacerte nor ProConnect are designed for "blindly enter the number in the right box and a correct tax return pops out," and those K-1s tend to have footnote information that doesn't even have a "right box."
I hope your prior preparer had the ability to give you good detailed basis schedules and carryforward schedules (or a ProConnect proforma file to start from).