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DLP's Posts

Colorado requires add back of QBI deduction for high income filers and Lacerte isn't picking this up on the only return I prepare where it would be applicable.  Are others overriding for this?  I spe... See more...
Colorado requires add back of QBI deduction for high income filers and Lacerte isn't picking this up on the only return I prepare where it would be applicable.  Are others overriding for this?  I spent about an hour on the phone with support this morning without much help.  Is there an input field I am missing to force Lacerte to do the calc?  I'm surprised there wouldn't at least be a diagnostic to consider it.  I also posted a similar question to the "Lacerte Feedback".  Apologize if this is duplicate.
Thanks for response.  Saw it yesterday on a client when doing MFS analysis for another purpose and thought that can't be right.  Not to mention it would add considerable time to each return to factor... See more...
Thanks for response.  Saw it yesterday on a client when doing MFS analysis for another purpose and thought that can't be right.  Not to mention it would add considerable time to each return to factor that in to the tax return.  Thanks to you both and best wishes for the balance of the season!
MFJ with2 kids correctly receives $5,600 in economic impact payment during 2021.  Taxpayer and spouse receive Letter 6475 reporting $2,800 to each.  Can couple file separately in 2021, taxpayer claim... See more...
MFJ with2 kids correctly receives $5,600 in economic impact payment during 2021.  Taxpayer and spouse receive Letter 6475 reporting $2,800 to each.  Can couple file separately in 2021, taxpayer claims both children and receive the$1,400 again by claiming the child that was reported to the spouse via the Letter 6475?  How are others handling this?  Looks possible, maybe unethical? Thanks for responses - apologize if this is a duplicate question.
If a child has a filing requirement because of unearned income and is subject to kiddie tax, is this considered additional income for the household income on the parent's Form 8962?  Based on the 896... See more...
If a child has a filing requirement because of unearned income and is subject to kiddie tax, is this considered additional income for the household income on the parent's Form 8962?  Based on the 8962 instructions it appears it would be, but the reason for the question is that Lacerte doesn't "pull" this income in when using the parent/child link.  I'm hesitant to enter manually on the parents return because I generally assume Lacerte is correct.  Anyone have experience with this? Thanks!
When there is a total distribution from a retirement plan, is there a setting to remove that payer's information during pro forma into subsequent year?  Find myself asking clients about "missing" ret... See more...
When there is a total distribution from a retirement plan, is there a setting to remove that payer's information during pro forma into subsequent year?  Find myself asking clients about "missing" retirement plan/ distribution information only to review the prior year and see it was in fact a total distribution in the prior year.   Thanks,
Is there an input field in Lacerte for the SBA loan payments made by the SBA?  My understanding is that this is treated similar to PPP and is tax-exempt debt forgiveness.  Or does it require manual e... See more...
Is there an input field in Lacerte for the SBA loan payments made by the SBA?  My understanding is that this is treated similar to PPP and is tax-exempt debt forgiveness.  Or does it require manual entry to M-1/M-2?  Thanks
Lacerte added an input field on screen 31 for PPP loan forgiven, but it's an override field.  It also doesn't appear to be calculating currently either to OAA, basis schedule or M-1.  Anybody seen a ... See more...
Lacerte added an input field on screen 31 for PPP loan forgiven, but it's an override field.  It also doesn't appear to be calculating currently either to OAA, basis schedule or M-1.  Anybody seen a non-override field?
Looking for some input on how others enter multiple brokerage accounts from the same broker.  My approach had always been to include the last 3 characters of the account number in the name of payer i... See more...
Looking for some input on how others enter multiple brokerage accounts from the same broker.  My approach had always been to include the last 3 characters of the account number in the name of payer input field.  For example: Edward Jones - 123 Edward Jones - 456 I like to enter them like that because it helps my review and to make sure I have all the brokerage statements during input.  However this year I was cleaning up my table editor and realized I had hundreds of payers.  I'm wondering if this is the best approach. Does anyone use the Data Source input field near the bottom of screen 12?  It looks like that input section won't carry to the Forms.  Are there better approaches?  Thanks for your input!
I've looked a little in the forums and didn't see this question asked previously (sorry if I overlooked it). I think there would be some users familiar enough with both programs to give some feed bac... See more...
I've looked a little in the forums and didn't see this question asked previously (sorry if I overlooked it). I think there would be some users familiar enough with both programs to give some feed back on this question. I've been a Lacerte user for the past few years since I started taking over a practice where the old practitioner was retiring and he used Lacerte.  I also used Lacerte previously at another office so I had some experience with it.  Also had a few years with Ultra Tax with previous firm.  I'm considering making a change to Proseries.  I don't do particularly difficult returns but do have quite a bit of volume.  I've downloaded a trial Proseries and have been poking around it.  It seems like quite a bit more "mousing" than with Lacerte.  I'm pretty efficient with Lacerte and I like staying on the keyboard to jump to inputs.  Is it possible to do returns as quickly/ efficiently with Proseries once you are past the learning curve?  I've used other software and I know the learning curve is painful but I'm wondering if once you get past that if you can get through a return as quickly with Proseries as Lacerte?   I realize this is a subjective question - just looking for some input on other's experiences with efficiency between the 2 programs. Of course this change would be motivated by cost - particularly the REP fees for out of state returns/ business returns.  Thanks  
Thanks for the response.   County records indicate the entity owns it (refer to as ABC for anonymity).  County records indicate ABC owns it.  However ABC LLC elected s corp status with IRS.  Just ABC... See more...
Thanks for the response.   County records indicate the entity owns it (refer to as ABC for anonymity).  County records indicate ABC owns it.  However ABC LLC elected s corp status with IRS.  Just ABC per county.  Wonder if I could file an initial and final with no activity based on that technical difference - that would certainly help keep the hair from retreating off my head.  
I have a new client this year with a mess (a friend of course).  Looking for input on how to fix and confirm my thinking. Taxpayer and spouse purchased rental home and formed LLC.  Filed 2553 and S ... See more...
I have a new client this year with a mess (a friend of course).  Looking for input on how to fix and confirm my thinking. Taxpayer and spouse purchased rental home and formed LLC.  Filed 2553 and S election accepted by IRS.  After doing all of this they asked if it was a good idea...Purchased home for approx. 137k subject to mortgage of approx 103k.  Initially I had planned to file an initial and final s corp return and distribute the property out at FMV by reporting the "sale" on Form 4797.  I thought this would essentially result in them recapturing the depreciation.  However upon further review, looks like the mortgage will cause an issue.   Since the contributed property is subject to a liability, it appears their basis in S corp stock is reduced by liability.  Based on above numbers their stock basis would be approx 34k (137 - 103).  They will have a small rental profit.  The FMV at year end was 135k so if they distribute that out, they would have a distribution in excess of their basis to the tune of 101k (135 FMV - 34k stock basis).  Can anybody confirm with the above analysis?  Any idea on how to get the property out without incurring a large gain?  My hope was to get them filing a 1065 next year and going forward (SMLLC would have been my recommended approach if they insisted on an LLC).  The issue with keeping it in the S Corp besides inflexibility is the payroll - or lack thereof.