Lacerte Product Discussions

SMLLC Receives K1s

I have a newly formed LLC owned by a husband + wife in a community property state.  I am choosing to treat as a SMLLC.  The SMLLC has received two K1's and I not sure how to report on the 1040.  I have read so many opinions that I am now unsure.  These are businesses (not rentals or investments).  Do I report on a Sch C, Sch E or just as a K1 on the Sch E page 2.  Also, there is section 179 to consider for the purchase of an asset in the SMLLC.  Thanks for the help. 

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garyglasscpa-gmaLevel 2

1040-ES

Where does Lacerte display 1040-ES Electronic Acceptance or Rejection?

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SeA3106Level 2

Where to enter the 1099R Distribution Code of JP in Lacerte?

My client made contributions to a Roth IRA that he was not eligible to contribute.  He requested that the amount he deposited be returned to him. The fund company sent him a 1099R with the distribution code JP.  I reviewed the drop down menu in Lacerte and there's no JP option. The drop down menu has the two codes separately:J - Early distributions from a Roth IRA selectionP - Excess contributions plus earnings/excess deferrals taxable in 2019I'm not sure which of these codes I should select or does Lacerte need to add a JP code?Any thoughts on what I should do in this situation?Thanks, 

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1140ColegateavenueLevel 3

Can i generate individual federal estimated tax payments? In Box 3 I did verified bank information and check electronic payment of estimated taxes.

No text available

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gseac0339Level 1

Rhode Island Schedule II

I am filling a multistate return with MA as the primary state and Rhode Island as a non-resident state.   On Colum A of RI Schedule II form, I can't seem to figure out where Line 5 is coming from.  In column B of the schedule, it is clear the amount represents the federal rental activity losses.  I cannot determine where the amount in Colum A (state royalty, rents income etc) is coming from.  Can anyone advise?

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DFriedmanLawLevel 1

How to generate the city of Philadelphia School Tax 2020 tax return. Does larcerte support this

I can not find were to find this return

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SOCAL AlLevel 2

Prorate items after moving from US to canada

Move to Canada mid year.  What needs to be prorated i.e. SS,, investment income etc.???

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dsbcaLevel 1

Georgia Election to forgo the carryback of NOLs - How do I remove the critical diagnostic once I've attached the pdf file requested in the warning?

I have selected to attach to the Georgia Form 600, but that does not clear the diagnostic.

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sallymbLevel 1

How do you defer a like kind exchange gain? When I use the "like kind exchange wizard" it automatically recognizes the gain.

No text available

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kmhcpaLevel 2

Is the Corporation module correctly handling PPP in Virginia?

It doesn't look like Virginia Corporations are adding back the non-deductible amount of 100,000.  Can someone tell me how to enter it?

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WolakotaLevel 2

2020 K-1 negative account basis in Part II, section L & N

On the 2019 K-1, my client showed a final capital account of $843,443.  The the new rules changed, so the beginning capital account on his 2020 K-1 showed ($47,249).  This was the year he had his final distribution of $843,443 - the same as his ending capital account on the '19 K-1.I'm baffled.  The ending capital account on the 2020 K-1 reflects this distribution and shows a final  capital account of ($890,688).  Box N on this 2020 K-1 report the beginning share of net unrecognized section 704(c) gain of $871,991 and an ending gain as simply and empty line _________.Last year he had a distribution of $314,700.  He started his capital account that year at $446,963, added $711,180, minused out the $314,700 distribution and arrived at $843,443 ending capital account..If I go with the new capital account of ($890,668), I assume I have to report this as a positive gain on Schedule D with a $0 basis.  Or, if I use the unrecognized gain, I'd report $871,991

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BONLevel 3

Copy Client so I can file amended return 1040X

Do I have to assign a new client number when I make a copy of return that has already been e-filed?  I get an error that I can not make a copy using the original client number.  Then do I have to get REP access again if I have a new client number and will I be charged for the REP access again?

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judy3Level 1

The codes for the Schedule K-1 are not printing.

How do I get the codes to print with the K-1's

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RK67Level 3

Form 1041 where to enter Medical Expenses paid by Trust

On which screen of Fiduciary Tax input screens do I input Medical Expenses paid by the Trust? It is my first F1041, thanks for your help. I looked under Deductions but could not find any appropriate entry screen. I believe that this entry should carry on the K-1 to the Beneficiary's Form 1040 somehow.......

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SZCPALevel 2

2020 Tax Planner

Is anyone else having problems using the 2020 Tax Planner?  We are unable to print/generate a report and receive this error message everytime:  "Unable to fit worksheet columns in Plan Reports using current worksheet font size."  We have updated, uninstalled, reinstalled....anyone have any ideas?Thanks so much!SZ

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mwloomisLevel 3

Repayment of Overpaid Unemployment Benefits

How would I report either as a credit or misc. deduction the repayment of overpaid unemployment benefits in Lacerte? It is over $3,000.https://ttlc.intuit.com/community/taxes/discussion/do-i-get-any-tax-credit-for-repaying-unemployment-for-previous-year-in-ca/00/64616

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TambrenLevel 4

EIDL Grant Taxable California but not Fed

Has anyone figured out a way to make this work correctly in a S-corp?  The only way I could make it work was to treat the EIDL grant as PPP loan expenses but that isn't a correct description on the tax return.  If I do an M-1 for fed and not CA, I couldn't find a way to add the income to the CA taxable income so that the M-1 schedule was correct.  Appreciate any help!

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EJRLevel 1

1041 allocation of deductions between tax exempt and taxable income

Are legal fees incurred in the administration of an estate allocable between taxable and tax exempt income.I am allocating accounting and tax return expenses and fiduciary fees.      

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kohatLevel 2

WHERE DO YOU TYPE INFORMATION THAT APPEARS ON HEADER OF FORM 1040 PAGE 1

WHERE TO TYPE INFORMATION TO APPEAR ABOVE 1040 PAGE 1 (HEADER SECTION)

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dolrsLevel 1

When will the 2020 MA unemployment worksheet/input be incorporated into Lacerte?

No text available

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HodgeLevel 2

Massachusetts Unemployment

When will Lacerte update the program for the unemployment exclusion in Massachusetts?

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jhopperLevel 3

All of a sudden I am getting a critical diagnostic that 2019 amended returns cannot be e-filed??

No text available

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Rich20Level 1

I have a client who earned income from NJ in 2020 while he was a nonresident and subsequently second as a resident after he moved into NJ. How do you generate both a resident and nonresident NJ return for the client in Lacerte?

No text available

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Suzanne PayneLevel 1

How do I mark return for paper filing

How do I mark return to file on paper

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Maddy Gaoiran EALevel 2

where do I make the 643 Election on a Trust to be treated as an Estate the first year?

No text available

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