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Lacerte has no entry in the partnership program nor the 1120-S module to enter
QBI allocable to qualified payments received from coopertive or an entry for W-2 Wages allocable to qualified payments received from a cooperative.
Thus, the program will not calculate the correct QBID for Partnership or S Corp farming returns.
What a mess
Best Answer Click here
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We are aware and these inputs will be coming in a future update of Lacerte for the 1065 and 1120s tax modules. As a workaround this information could be entered in supplemental information. If you are not sure how to enter in this information, type "supplemental information" in the Search box in the upper right of Lacerte, it would bring up these knowledge base articles:
Entering Partnership Schedule K-1 Supplemental Information for Partners
https://accountants-community.intuit.com/articles/1608631&src=lsccom
Entering 1120s K-1 Supplemental Information
https://accountants-community.intuit.com/articles/1609412&src=lsccom
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We are aware and these inputs will be coming in a future update of Lacerte for the 1065 and 1120s tax modules. As a workaround this information could be entered in supplemental information. If you are not sure how to enter in this information, type "supplemental information" in the Search box in the upper right of Lacerte, it would bring up these knowledge base articles:
Entering Partnership Schedule K-1 Supplemental Information for Partners
https://accountants-community.intuit.com/articles/1608631&src=lsccom
Entering 1120s K-1 Supplemental Information
https://accountants-community.intuit.com/articles/1609412&src=lsccom
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When is this expected? Many farm returns need to be filed by March 1 to avoid underpayment of estimated tax penalties!
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There is no estimated time when this will be added.
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I have the same issue as I have a number of farmers with returns due March 1st. I follow Paul Neiffer from CliftonLarsonAllen regarding farm tax issues. He said that he was expecting to give an example of the supplemental info in his Farm Tax Network email subscription this week. It costs $$ for the subscription, but it might be worth it to meet the March 1 deadline.
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Just received this and thought that I would share:
https://content.govdelivery.com/accounts/USIRS/bulletins/2331db1