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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Creating More Than Two Statements in Form 5472 Part II for 2+SH
Creating More Than Two Statements in Form 5472 Part II for 2+SH
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LCAnderson
Level 1
02-22-2023
09:49 PM
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Form 5472 Part II (25% foreign SH), unlike UT and Drake, Lacerte only shows the information for 2 foreign Shareholders. But if there are more than 2, it does not create an additional statement to include the 3rd or 4th sharehoder.
There should be a way to add up to 4 if it's 25% or more, correct? We could do this in Drake...
We are new to Lacerte and I searched for an answer but most people were asking how to fill out the form itself than the functionality.
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LCAnderson
Level 1
03-15-2023
08:22 AM
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HEY For anyone else who is having this issue with 5472 Part II adding more than 2 - YES, the IRS instructions are the sales - add additional forms and you do that manually, but Drake you could do it in the software.
Here's the work-around - Add clients you need on Screen 8. Here are the steps:
- Enter Client / Owner 1
- Click on Detail Menu at the top of the program, then go to Copy Property
- Then go back to the Detail Menu and go down to Paste Property.
It will make a copy and you won’t have to completely fill out everything again. You would only need to edit the fields that needed changing.
