An irrevocable Trust received a K-1 from an LLC filed as a Partnership that has charity in Box 13 A from the LLC. The Trust acts as a pipe for income in and out to 1 beneficiary. Is there a way to ...
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An irrevocable Trust received a K-1 from an LLC filed as a Partnership that has charity in Box 13 A from the LLC. The Trust acts as a pipe for income in and out to 1 beneficiary. Is there a way to flow the charity from the K-1 of the LLC out the K-1 of the Trust to the beneficiary. Have spent some time looking for a K-1 entry. Thanks in advance!
Response from Lacerte, WV module has a problem in latest update: Thank you for contacting Intuit’s Email Support for Lacerte Tax. We understand the urgency in resolving concerns and questions as ...
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Response from Lacerte, WV module has a problem in latest update: Thank you for contacting Intuit’s Email Support for Lacerte Tax. We understand the urgency in resolving concerns and questions as quickly as possible so you may proceed with your returns. Thank you for bringing this to our attention. This issue was caused by the latest release of the WV individual module. It has been forwarded to our development staff for further review. For now, you can enter the WV data on the CA Other state tax credit screen for the WV credit to compute on the CA Schedule S.
After last update this morning, CA is not calculating tax paid to another state (WV). Had calculated the bottom lines last night and when front office went to print noticed the CA bottom line was no...
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After last update this morning, CA is not calculating tax paid to another state (WV). Had calculated the bottom lines last night and when front office went to print noticed the CA bottom line was not the same as I had written on the datasheets. It is off exactly the amount of what the credit should be. Have rechecked settings in the return and nothing has changed. Anyone else see this? Thanks in advance.
Found it! For member edification: In the estimates paid location, at the top, is a box labeled "do not deduct state payments on federal return." Not where I would have expected to find it but ther...
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Found it! For member edification: In the estimates paid location, at the top, is a box labeled "do not deduct state payments on federal return." Not where I would have expected to find it but there it was. Hope all well with everyone
Have a 1041 Trust that was a 2023 final (not anticipated), the Trustee made state estimated payments which are being deducted on the Federal return but the state refund is going to necessitate a 2024...
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Have a 1041 Trust that was a 2023 final (not anticipated), the Trustee made state estimated payments which are being deducted on the Federal return but the state refund is going to necessitate a 2024 Federal return. Anyway to stop the program from taking the state deduction on the Federal return and e-file? Trustee does not care about the Federal deduction. Thanks in advance!
Fiduciary made State estimates on B-Trust for 2023 but taxpayer died and B-trust became a final for 2023 distributing income out to the beneficiaries. How do I not take the state tax payments on the...
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Fiduciary made State estimates on B-Trust for 2023 but taxpayer died and B-trust became a final for 2023 distributing income out to the beneficiaries. How do I not take the state tax payments on the Federal return as a deduction as the refund of state taxes will necessitate a Federal return for 2024? Fiduciary does not want the deduction. State is CA. Thanks in advance!
Have a trust that was final in 2023 that made an allowable charity donation. Being a final year it is a complex trust. Obviously being a final year, all income is being distributed. The Charity po...
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Have a trust that was final in 2023 that made an allowable charity donation. Being a final year it is a complex trust. Obviously being a final year, all income is being distributed. The Charity portion of the program has been filled out with the charity info and donation amount. The program is generating a 1041-A despite the exception for having to file a 1041-A if all income is being distributed. When I change the designation to simple trust, the 1041-A goes away but there is a non-critical diagnostic that simple trusts cannot take a charitable deduction. The donation amount is appearing on the K-1 of the beneficiaries. I have looked around to see if there is a box to check that says income must be distributed but cannot find such a box. What am I missing? Thanks in advance all!
Work remotely from my physical office about 8 mo out of the year and not remotely connected to the home office. Move clients to home office via e-mail to front office. Am connected to a NAS drive o...
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Work remotely from my physical office about 8 mo out of the year and not remotely connected to the home office. Move clients to home office via e-mail to front office. Am connected to a NAS drive over our network for Lacerte client file access when in the office, which is now. When I fire up the '23 program I get an error "unable to create Lock File Z:Lacerte/23Tax/Idata/urn/user001.Lw3". I had already entered a client payment into their 2023 Lacerte client file on a different directory on the laptop drive prior to returning to the physical office and that entry was wiped out on that local drive when I went to access the Lacerte client file. Need to figure out what's up before clients start to come in. Any clues? Thanks in advance!
Filed a 2021 amended returns for a new client where the previous preparer placed several IRA distributions in the 2021 1041 Bypass Trust return (1st year of Bypass Trust) instead of client personal r...
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Filed a 2021 amended returns for a new client where the previous preparer placed several IRA distributions in the 2021 1041 Bypass Trust return (1st year of Bypass Trust) instead of client personal returns. E-filed amended both 1040 and 1041 returns August 2023 (personal not processed yet as IRS is at least 6mo behind on amended returns). Taxpayer has just received a CP2000 that the original personal return missed a rather large pension distribution. CP2000 is using the original filed numbers to start as amended return has yet to be processed. Problem is, taxpayer is now incapacitated and her son has general POA over her affairs. What documentation do I need to provide with the 2848 of her son's POA to get authority to speak and how should the 2848 be signed. Thanks in advance everyone!
The programs have been web installed to latest versions and the computer rebooted. Lacerte years '20-'22 have no problem booting up with the current password. Any solution to this? Thanks in advan...
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The programs have been web installed to latest versions and the computer rebooted. Lacerte years '20-'22 have no problem booting up with the current password. Any solution to this? Thanks in advance as always!
I'm heavily documenting things more this year in a return using sticky notes but am finding some strange activity with them. I have had where: 1. Sticky note put in a return flat out disappears. 2...
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I'm heavily documenting things more this year in a return using sticky notes but am finding some strange activity with them. I have had where: 1. Sticky note put in a return flat out disappears. 2. Sticky disappears but when I go back into the return sometime later, it reappears. 3. Lacerte file e-mailed to the home office losing it's sticky notes in the version received by office. Anyone else having these problems and has found a solution? Thanks in advance!
Just pulled from the FTB website: Pass-Through Entity (PTE) Elective Tax Payments Due October 16 As a reminder, there are two payment due dates for the PTE elective tax. The first payment is due o...
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Just pulled from the FTB website: Pass-Through Entity (PTE) Elective Tax Payments Due October 16 As a reminder, there are two payment due dates for the PTE elective tax. The first payment is due on or before June 15, during the taxable year of the election. The amount due is $1,000 or 50% of the elective tax paid for the prior taxable year, whichever is greater. The remaining amount is due on or before the due date of the original return without regard to extensions. Due to the 2022-2023 winter storms, individuals and businesses located in California (except for those located in Lassen County) generally qualify for an extension until October 16, 2023, to file and pay taxes. This extension applies to applicable payments of the PTE elective tax.
I was under the impression that all CA payments, including PTE, were pushed out to Oct 16th. Can someone point me to where this is not the case please. Thanks in advance.
So, my first PTE. It is for an CA S-Corp cash basis. The payment with the current 2022 year return and the 2023 estimate will both be a Federal deduction for 2023 since that is when they are being ...
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So, my first PTE. It is for an CA S-Corp cash basis. The payment with the current 2022 year return and the 2023 estimate will both be a Federal deduction for 2023 since that is when they are being paid but the credit to the State of CA is on the 2022 CA K-1. Is that how it is supposed to go? Thanks in advance.
Have a client who has an S-corp. Teaches flying in both propeller and jet aircraft where he is buying the fuel, gasoline for propeller and Jet-A kerosine for jets. Does he qualify as category 10 he...
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Have a client who has an S-corp. Teaches flying in both propeller and jet aircraft where he is buying the fuel, gasoline for propeller and Jet-A kerosine for jets. Does he qualify as category 10 helicopter and fixed wing aircraft use for tax credit? I have read the instructions 3x and still can understand if he gets the credit or not. Thanks in advance!
So while waiting for a response to this Q, I created short year return (changing the client number) placing 1/1/23 as the short year start and 4/21/23 as short year end and made sure e-file boxes and...
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So while waiting for a response to this Q, I created short year return (changing the client number) placing 1/1/23 as the short year start and 4/21/23 as short year end and made sure e-file boxes and such were checked and such. When I calculated it, there were no critical errors. I then created the e-file, still no errors, validation successful. I then went to file it and that is where it gave me errors about failing presubmission but when I went back to diagnostics there no critical errors or reasons why this return could not be filed. Even the 8879 shows the short year as 1/1/2023 ending 4/21/2023. What a drag!