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- 20 to 21 applied carryover payments NOT CORRECT
20 to 21 applied carryover payments NOT CORRECT
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kiatd123
Level 3
01-12-2022
05:36 PM
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The applied estimated payments from 2020 to 2021 are not correct. I noticed that a client paid an extension payment 05/12/2021. He had a refund that was to carry over to 2021 but only part of the refund carried over. I got worried and had him pull his IRS transcripts for 2021 to confirm what the IRS shows. Lacerte carryovers are NOT correct. 😞
Any extension payments paid after 04/15/2021 (due to Covid was due in May) do not carryover correctly and affects the applied carryover payments. This clients was $20,000 off!
I did an update in Lacerte today (01/12/2021) and I do know about the penality and interest not corrying over correctly. This is also not correct.
HELP
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1 Comment 1
sjrcpa
Level 15
01-12-2022
06:50 PM
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Manually adjust or don't pro forma until, hopefully, an update fixes this.
Always check this stuff in the current year return against last year's.
The pro forma process has never been 100% foolproof.
The more I know, the more I don't know.
