Information transfer

[Opfor77]

I'm mostly done with a 2024 1040, and the client gives me new info that affects 2023.  If, for example, there will be an adjustment to 2023 depreciation, or a change to a carryover to 2024, will it automatically update the 2024 return I'm working on currently?

[Tax_Lady]

In my humble opinion, think the first decision hurdle how will you file Yr 2023 Amended Return by E-file or Paper? Reason for asking an Amended E-file Return is a different procedure in ProSeries Professional using the filename that you originally E-filed, whereas, a paper return (in the past) I would simply change the filename of the original filed tax return, then activate 1040X and make the appropriate changes. In your example, Depreciation adjustments and Carryovers flow thru easier at that point.

If all the above is true for your situation, from that step do a transfer of the new filename tax return the new changes about Depreciation and Carryovers will flow thru. Then you may have to re-enter Yr 2024 data. Discuss with client about the extra time you'll need to charge, add in extra overhead that might be occurring.

If doing Amended E-File, then you might have to override certain fields in order to make the Yr 2024 Tax Return correct.

Then keep in mind, when E-File comes along you may have to transmit this one return, separately from others in a batch, by turning-off certain diagnostics during "converting". You'll need to make sure the tax return is error free in order to pass IRS Accept confirmation.

Realize, this is not an easy or "quick fix" as you might have hoped...

Happy Tax Season...

[Opfor77]

Thank you for your help!  Much appreciated!

[Taxprohere]

Any changes to a prior year will not update a current year once you transferred the file.  Easiest is to prepare the amended 2023, see what would have carryforward to the 2024 that you're working on, and make those changes manually.  No need to lose all the data you've entered in the current year.

[Skylane]

Short answer…. No