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Troubleshooting Lacerte diagnostic ref. 2007939 - stock reported in Section A (5471) in

by Intuit Updated 8 months ago

The following e-file critical diagnostic is generating in the Corporate module:

  • e-file: Form 5471 #X:  The description of stock reported in Section A, Stock of the Foreign Corporation must be either Common, Preferred or Treasury for electronic filing purposes. (ref. #2007939)

This diagnostic may generate if you typed the Description for the Stock Information (Ctrl+E) field instead of selected from the dropdown menu.

If this a Consolidator return, you'll need to go to the parent and subsidiaries to review your entries.

Follow these steps to resolve this diagnostic:

  1. Go to Screen 63, Information Return of U.S. Persons (5471).
  2. Select Information of U.S. Persons from the left navigation panel.
  3. Select the applicable Filer from the left navigation panel.
    • This is the filer that was listed in the diagnostic.
  4. Scroll down to the Schedule A - Stock of the Foreign Corporation section.
  5. Hold down Ctrl+E on your keyboard in the Stock Information (Ctrl+E) field.
  6. Click in the Description field and use the dropdown arrow to select the applicable stock type:
    • Common
    • Preferred
    • Treasury
  7. Repeat step 5 and 6 for each entry (if there are multiple entries in Stock Information).
  8. Click OK.
Lacerte Tax

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