With the latest update (Individual Federal Tax version 41.1104), you can now identify clients who deferred SE or Schedule H taxes and need to pay the deferred amounts by 12/31/2021 or 12/31/2022.
We introduced two display columns that you can add to view the amount your clients owe right from your Clients list.
To add the columns to your display and populate amounts:
- Press Ctrl + O on your keyboard. Or select the Settings menu at the top of Lacerte, and click Options.
- Select the Display tab.
- The left side of the window will show all Available display items. Locate the Taxes section in this list, and click to expand it.
- Double-click the item(s) you want to add to your display: Sch SE & H Taxes Deferred until 12/31/21 and Sch SE & H Taxes Deferred until 12/31/22.
- The items you select will move to the Display side of the window, where you can reorder your display columns as needed.
- Press OK when you're satisfied with your display columns.
You'll need to process the clients before their taxes deferred can populate.
Follow these steps to process all clients:
Note: If any returns are locked, you'll need to unlock them to perform this operation.
- Press F3 on your keyboard, or select the Client menu at the top of Lacerte and click on Group Select.
- Select the radio button for All Clients, then press OK. All clients should now be highlighted.
- Select the Client menu at the top of Lacerte, then click Update Client Database.
- A progress bar will appear at the bottom of the program as each client is calculated. This may take several minutes, depending on how many clients you have.
If any clients couldn't be calculated, you'll see an error message with each client number.
