What is the best practice for entering a final, short year tax return?

[dbanks]

The only instruction I've found is to go to the Input tab, select Misc, select Short tax year for depreciation, etc. However, my question is regarding the step before this. I have a partneship ending this month.  We have filed the 2023 form 1065, and now I need to file a partial year 2024. Obviously, the software is not ready for preparation of 2024 returns, so I have to use the 2023 module. Is it best to copy the 2023 return and make changes to that one so basic information does not have to be input again? How do you handle carryovers, etc.? Do you manually go through and update the numbers to the year end 2023 numbers? Any advice is appreciated! 

[PhoebeRoberts · Accepted solution]

Easy answer is to extend and wait until 2024 software is available. I've done the "copy the 2023 file and make all the changes" method when the extended due date wasn't far enough in the future to have good software, and it's a picky miserable process.

[dbanks]

Thanks for your answer.... I have done the same thing in the past. I may do that again!

[abctax55]

it's a picky miserable process.

Phoebe, perfect description.  I'd add it's also a process fraught with potential errors.