2019 tax returns were filed for each entity. PP and S-Corp need to file final 2/29/20 returns. Obviously, 2020 software will not be available even with extensions. Short year paper returns need to be filed. Can I use the 2019 software to generate the 2020 short year returns? If yes, how do I get the 2019 balance sheet, depreciation, etc to transfer to the prior year for 2020.
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Yes you can use the 2019 software to prepare the short year 2020 returns. You will be filing them on paper.
They won't proforma. You'll need to manually enter the 1/1/20 beginning balance sheet, capital accounts, basis, etc.
So basically copy the client and manually zero out all of the 2019 data and update the previous year information to reflect 2020. UGH. I had a feeling that was the case. Was hoping for an easier solution. Thanks.
Do as @sjrcpa says, but be sure to make a backup copy (I copy and renumber to NNNN-19 for the original, then when done NNNN-20 for the partial year). I then massage the 2019 return to make it work for 2020 and avoid additional REP fee. Remove the e-file check marks in Screen 1.
Yes, or re pro forma as George suggested.
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