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Estate tax portability - 5 year

jerry
Level 7

Client died in 2020, and I started an estate tax return (for portability only, under Revenue Procedure 2017-34) in my Lacerte 2020 tax software.

The estate attorney never got around to approving the 706, but fortunately Revenue Procedure 2022-32 was issued, extending the deadline 5 years from date of death.

The attorney is now reviewing, but it looks like I need to print the notice "FILED PURSUANT TO REVENUE PROCEDURE 2022-32 TO ELECT PORTABILITY UNDER IRC §2010(c)(5)(A)." at the top of the return.  The problem is that 2020 Lacerte puts the old Rev Proc 2017-34 on the front page of the 706.

Is there any way to update the notice in the 2020 software?  Otherwise, I'd have to pay again to transfer this return to 2022, when all I need  is the number changed.  Or should I just correct it manually?

Thanks

0 Cheers
2 Comments 2
sjrcpa
Level 15

I'd correct it manually.

The more I know, the more I don't know.
IRonMaN
Level 15

Besides using them to change the expected path of a hurricane, this is the other reason why Sharpies were invented.


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