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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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- HOW DO I AMEND 2018 1040 TO SUPRESS FORM 461
HOW DO I AMEND 2018 1040 TO SUPRESS FORM 461
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rebecca1965
Level 1
05-07-2020
01:01 PM
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CLIENT HAS EXCESS BUSINESS LOSS IN 2018. CARES ACT RETROACTIVELY CHANGED THE EFFECTIVE DATE OF THE LIMITATION ON EXCESS BUSINESS LOSSES TO JANUARY 1, 2021.
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1 Comment 1
George4Tacks
Level 15
05-07-2020
01:07 PM
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Start with the return as originally filed. https://proconnect.intuit.com/community/help-articles/help/amending-recreating-a-return-in-lacerte/0...
Make a copy of that return and renumber it (I use XXX-ORIG for ORIGinal)
Check the box in Screen 3 to indicate you are making it conform to CARES. Beyond that I am unsure, but it should create a new return with the offending limitation gone. You may need to do a bit more massaging. Come back if you hit a snag.
Answers are easy. Questions are hard!
