Kathleen1's Posts

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Kathleen1's Posts

We have noticed in recent years that if a client dies in for example 2023 and we go back into the 2022 program and enter the DOD so the 2023 organizer will print reflecting the client is deceased, La... See more...
We have noticed in recent years that if a client dies in for example 2023 and we go back into the 2022 program and enter the DOD so the 2023 organizer will print reflecting the client is deceased, Lacerte eliminates the estimates that were produced for 2023.  So they no longer show up on the 2022 General Information page or in the 2023 organizer that is produced.  I don't understand why Lacerte would eliminate the 2023 estimates if they died in 2023.  It would be easy to miss asking if the estimates were paid, because they no longer show up in the system.  And since they do not show up in the organizer, it is easy for it to  be missed by the client.
Awesome.  Thank you!
Quite a few years ago now there used in the Partnership program of Lacerte the California Income Tax Summary used to show Income, Deductions, S179, charitable contributions, etc.  One year someone de... See more...
Quite a few years ago now there used in the Partnership program of Lacerte the California Income Tax Summary used to show Income, Deductions, S179, charitable contributions, etc.  One year someone decided that only the trade income, expenses and ordinary income/loss needed to be shown on the CA tax summary.  So now you have to search through the return to confirm that other items (ie: S179, charitable contributions, etc and assets and liabilities are already shown on the Federal tax summary and therefore are redundant to show on the California tax summary.  That was never true, because S179 and charitable contributions could always be different.  But now that we have to calculate California capital on the California tax basis, the balance sheet numbers will also be different.  Since there are no control totals for California in the partnership program, it would be especially helpful if those numbers could at least be brought back to the California Tax summary for quick and easy verification that the returns is correct.
Up until at least august 15th of 2023, all the loan balance and basis information imported over to the individual returns for us.  Now suddenly, on September 29th of 2023, only limited parts of the F... See more...
Up until at least august 15th of 2023, all the loan balance and basis information imported over to the individual returns for us.  Now suddenly, on September 29th of 2023, only limited parts of the Form 7203 debt basis information is importing.  the answer I got after almost two hours on hold (no fault of the person trying to act as intermediary between higher up support) was that this must no longer work.  I would hope they would restore this essentially functionally it of the program.
Is Intuit no longer selling Lacerte estimate envelopes, and if not, where are people purchasing their envelopes
My only concern is that box 12 Y seems to indicate a current year deferral.  Whereas, the amounts in box 11 are actually prior year deferrals being paid out in the current year.  So I'm not sure that... See more...
My only concern is that box 12 Y seems to indicate a current year deferral.  Whereas, the amounts in box 11 are actually prior year deferrals being paid out in the current year.  So I'm not sure that solves the problem.  Still wondering if there is a fix coming in the near future.
How do I get to the Idea Board?
Is there still no resolution to this issue?  I'm not sure why the custom database reports can't be transferred just like filters and user options, or have they fixed this?
thanks.  I guess our IT guy missed that module.
Has the Gift Tax module been released yet, and if not, when will it be released?
No. I reported it on Screen 32 Other Deductions not subject to any limitations. It shows up on line 15a of Form 1041.
This diagnostic just popped up with the new update today, 4/23/21 - "This return has Schedule SE and/or Schedule H taxes eligible for deferral.  You must make an entry to indicate if this is a new ta... See more...
This diagnostic just popped up with the new update today, 4/23/21 - "This return has Schedule SE and/or Schedule H taxes eligible for deferral.  You must make an entry to indicate if this is a new tax return that must follow the new deferral worksheet rules, or if this is an already filed tax return that used the old deferral worksheet rules."  It requires a choice of 1 or 2 even if you are not electing to defer, but the choices of entries makes no sense if you are not deferring. Solution: The diagnostic will occur if the taxpayer is eligible to defer SE taxes, regardless if he/she is electing to defer or not. In a situation where the taxpayer is not deferring SE tax, we recommend entering a 2 in the field so that the diagnostic will be resolved. There will be no change to the tax return when this happens.
I have husband and wife California residents, each shareholders in a New Hampshire S-Corp, that took Federal S179 of $65,103 each. There is no equivalent state K-1 because it’s a New Hampshire S-corp... See more...
I have husband and wife California residents, each shareholders in a New Hampshire S-Corp, that took Federal S179 of $65,103 each. There is no equivalent state K-1 because it’s a New Hampshire S-corp. My software (Lacerte) is limiting the CA S179 to $25,000 total on the joint return. The remaining S179 of $105,206 for California disappears into oblivion. Is it allowable on the CA shareholders end to get a copy of the S-corporation depreciation schedule and make a California K-1 adjustment to limit the S179 for California to $25,000 and calculate additional depreciation so that all that S179/depreciation is not lost for California?
I have husband and wife California residents, each shareholders in a New Hampshire S-Corp, that took Federal S179 of $65,103 each. There is no equivalent state K-1 because it’s a New Hampshire S-corp... See more...
I have husband and wife California residents, each shareholders in a New Hampshire S-Corp, that took Federal S179 of $65,103 each. There is no equivalent state K-1 because it’s a New Hampshire S-corp. My software (Lacerte) is limiting the CA S179 to $25,000 total on the joint return. The remaining S179 of $105,206 for California disappears into oblivion. Is it allowable on the CA shareholders end to get a copy of the S-corporation depreciation schedule and make a California K-1 adjustment to limit the S179 for California to $25,000 and calculate additional depreciation so that all that S179/depreciation is not lost for California? Any insights are appreciated.  Thanks.
Will the critical diagnostic #6587 prevent us from e-filing?  Basis information is not currently available for our client
From the two that I did, it appears that the gross receipts for K-3 purposes is allocated 100% to partner #1
Well I didn't do anything special.  My partnership doesn't have any foreign income, so I just used Lacerte's new checkbox and when I did the export, included the gross receipts from the Schedule K-3,... See more...
Well I didn't do anything special.  My partnership doesn't have any foreign income, so I just used Lacerte's new checkbox and when I did the export, included the gross receipts from the Schedule K-3, albeit not allocated properly for the various partners.
I just exported my first K-1 from an LLC with K-3 information in Part II  to an individual return and it appears the Gross Income from all sources is doubled up in the individual file.  Has anyone el... See more...
I just exported my first K-1 from an LLC with K-3 information in Part II  to an individual return and it appears the Gross Income from all sources is doubled up in the individual file.  Has anyone else encountered this? It says it's only a memo entry.  But just concerned about the import feature and if it will double all entries that might be on the Schedule K-3