Common questions about Corporate Controlled Group (Schedule O) in Lacerte

Table of contents:

Carry and calculate apportionable amounts to and for the tax return?

• 1. Go to Screen 9, Controlled Groups (Schedule O).
• 2. Click the Group Information button or link from the top left navigation panel (if not already there).
• 3. Check the box, Carry apportionable amounts to tax return to carry the allocation of tax for this corporation to the Form 1120, Schedule J.
• 4. Enter the Taxable income of the entire group. (2017 and prior only)
• 5. Scroll down to the Apportionment Plan Information - Schedule O section.
• 6. Select the Type of controlled group (Ctrl+T) from the drop down menu.
• 7. Complete all other applicable information for this group.
• 8. Click on the Group Members button or link from the top left navigation panel.
• 9. Complete the General Information section. Note: The first member entered should be the same information entered on Screen 1, Client Information for this client file.
• 10. Enter the Name of the first member.
• 11. Enter the ID number of the first member.
• 12. Enter the Taxable year ended of the first member.
• 13. Locate the Apportionment Amounts section.
• 14. Complete the Share of subsections as applicable for this member.
• 15. Click Add on the left in the member list to add a new member.
• 16. Repeat Steps: 9 through 12 Until all have been added.

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Generate a controlled group allocation and consent form?

• 1. Open Screen 9, Controlled Group Apportionment.
• 2. In the Members list, click the Add button.
• 3. Enter information in the General Information and Apportionment Amounts sections.
• 4. Repeat steps 2 and 3 for each member.

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