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Convert an 1120 to an 1120S when creating new return

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Convert an 1120 to an 1120S when creating new return

Rox

I am disappointed that there is no way to convert 1120 to 1120S when creating a new return and still get the data to roll forward in PTO. I had a corporation decide to report as an S-corp beginning in 2023. The 2022 1120 had been marked as final because I anticipated submitting 1120S for 2023. If I create a new return and request form 1120S, none of the data rolls over. If I deselect the checkbox for final in 2022, data rolls forward but still there is no way to convert to 1120S presentation. According to Tech Support I cannot even export to Excel so I can import into the 1120S new tax return. I am astonished at the lack of exporting to Excel, especially since there are some instances where you can import from Excel. I am peeved that I now have to recreate from scratch beginning balances and other historical data from scratch - especially those blessed depreciation records. You have created additional work for me and additional exposure to input errors. Please at least get export to Excel functionality. Export to pdf does nothing to help me.

Status: New
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5 Comments
BobKamman
Level 15

Well, I am peeved that you want me to share in the cost of programming a black swan.  How long would it take to duplicate the entries you need from 2022?  Maybe 15 minutes?  

IRonMaN
Level 15

Look at the bright side, you can now charge them more to do the conversion.

Rox
Level 3

Get your stopwatch. I can't key in 35 assets from scratch in 15 minutes in this dog. 

The bright side would be charging more for less work.

IRonMaN
Level 15

"I can't key in 35 assets from scratch in 15 minutes in this dog"

I think there is only one tax preparer that could pull that off.  If @Jim-from-Ohio  can't, nobody can.

sjrcpa
Level 15

Lacerte lets you do this. You'd pay a lot more for the privilege.

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