Print location of the IL-1065-V in wrong place

[Ed - Chicagoland]

In the Partnership module, the Illinois 2021 payment voucher (IL-1065-V) prints with the 2022 estimated payment vouchers (the first page) instead of in front of the 2021 Illinois partnership return. So in the Settings > Print Options > Items To Print, wherever you put the State Estimate Vouchers, the 2021 payment voucher will print. So if you have the Illinois 2022 estimated payment vouchers print behind the 2022 Estimated Payment Instruction Letter, that is where the 2021 payment due voucher will print instead of behind the 2021 Filing Instructions. This has been true in prior years, but will be a bigger problem in 2021 with the IL PTE tax and estimated payments are now required.

[TonyPoa]

In the 2021 S corporation module, when the Illinois PTE is elected, the 2022 estimated tax payments are calculated based on the tax due with form IL-1120-ST, including Replacement Tax.  This is incorrect for two reasons.  First, if the S Corp made a 2021 PTE payment before the return is filed, the program is reducing the 2022 amount for which estimated payments are required (similar to W-2 withholding on a 1040).  In this situation, the S Corp PTE estimated tax will be underpaid for 2022.  Second, the IL Replacement Tax does not require estimated tax payments.  It is due in full by the due date of form IL-1120-ST (without extension) on March 15 each year.  By including the Replacement tax in the estimated tax calculation, the S Corp will pay more than is required. 

In the Partnership module, the program is not reducing the 2022 amount for which estimated payments are required by the amount of a 2021 PTE payment before the return is filed,  which is good.  But it is incorrectly including the IL Replacement Tax in the amount of estimated payments required for 2022, which is bad.

For now, Screen 49 can be used to override the S Corp estimated payment amounts and Screen 37 for Partnerships.

[George4Tacks]

FYI - This "Tax Idea Exchange" is to correct ongoing product improvement, not specific bugs in the current year program.

If you notice a computation or print error, use Ctrl + L to start and e-mail to Lacerte to report it. You can attach a copy of the return that shows the error to help them analyze.