Karen_pdx's Posts

Karen_pdx · ‎05-05-2023

On the Portland area local returns MC-40 and MET-40, Lacerte 2022 Individual module does not have a separate input line for inputting the extension paid in April 2023 and advises using the "Prepaymen...

On the Portland area local returns MC-40 and MET-40, Lacerte 2022 Individual module does not have a separate input line for inputting the extension paid in April 2023 and advises using the "Prepayments" line, which would also contain the amounts of any 2022 estimated tax payments. When extension payments for the Oregon local tax returns MC-40/MET40 made in April 2023 are input as directed on Screen 54.028 in the "Prepayments" box, the Lacerte individual module includes the extension payments made in 2023 on the Federal Sch A and Oregon Sch OR-A on the tax returns for 2022. Seems like a programming error, since the "Prepayments" are not being differentiated as between payments made in 2022 and those made in 2023. When I asked Lacerte email support for how to keep the 2023 local extension payments out of the 2022 Federal Sch A and OR Sch OR-A, they said they reviewed the programming and believe it is correct even though a cash basis taxpayer can only deduct taxes paid in the year they are paid. This issue actually does affect calculation of the Oregon taxable income for the client I inquired about since the other property taxes and local income taxes paid in 2022 did not exceed the $10,000 cap for Oregon tax purposes. So the 2023 extension payments are being deducted on the 2022 Oregon Form 40. I am thinking I can't use Lacerte to e-file the MC-40 and MET-40 and will have to process two files - one to get the 1040 & OR-40 for efiling and the other to get the two local returns, which I will likely file on the Portland Revenue Online (PRO) system to avoid Lacerte's e-filing an incorrect OR-40 with the local returns. If anyone has any other ideas on how to work the program, I would be interested in hearing them. Hard to believe Lacerte actually believes their programming is correct when 2023 tax payments are being deducted on 2022, but that's the answer they gave me.

Karen_pdx · ‎02-17-2022

Have the context sensitive help screens at the bottom of the input screen in each module been removed? In the 2020 modules, they provided basic context specific help on a given input box, but in the ...

Have the context sensitive help screens at the bottom of the input screen in each module been removed? In the 2020 modules, they provided basic context specific help on a given input box, but in the 2021 modules they don't seem to be there.

Karen_pdx · ‎08-11-2021

Further update, I did find in the instructions that Sch G is not required when all the beneficiaries are CA residents, so that takes care of this particular fact pattern, since the single beneficiary...

Further update, I did find in the instructions that Sch G is not required when all the beneficiaries are CA residents, so that takes care of this particular fact pattern, since the single beneficiary is a CA resident. However, in playing around with the inputs, I tried setting both trustee and beneficiary as nonresident, and even then the Sch G did not populate. Just for knowledge sake, if someone knows how to trigger Sch G to populate, I would appreciate knowing.

Karen_pdx · ‎08-10-2021

I have input the residency of the fiduciary on Screen 1 client information (non CA resident) and also the residency of the beneficiary (CA resident), but the Sch G on Form 541 (Side 3) doesn't populat...

I have input the residency of the fiduciary on Screen 1 client information (non CA resident) and also the residency of the beneficiary (CA resident), but the Sch G on Form 541 (Side 3) doesn't populate. Is there another input that triggers it?

Karen_pdx · ‎03-26-2019

The reporting of QBI, W-2 wages and UBIA for each trade or business by an RPE (relevant passthrough entity) is required by Reg 1.199A-6. Also that regulation says if an item is not reported on the K-...

The reporting of QBI, W-2 wages and UBIA for each trade or business by an RPE (relevant passthrough entity) is required by Reg 1.199A-6. Also that regulation says if an item is not reported on the K-1 by the partnership (i.e. Code Z, AA, etc) then the owner's share of each unreported amount is presumed to be zero. So it seems as if the IRS intends to disallow deductions for QBI on pass-through entity income if the entity doesn't explicitly identify on the K-1 that it there is QBI. A partner won't be allowed to assume income is QBI.

Karen_pdx · ‎03-26-2019

You can set it up to print with the K-1 packages for all partnerships & all K-1s under Settings/Partnership Options on the tab for "Items to Print" - choose the "Add'l K-1 Package" then check the box...

You can set it up to print with the K-1 packages for all partnerships & all K-1s under Settings/Partnership Options on the tab for "Items to Print" - choose the "Add'l K-1 Package" then check the box to select "Partner Cap Acct Recon" under the federal K-1 section. I have not come across a way to do it just for one partnership without making it an overall setting. But since I want to print them for all partnerships, I haven't looked for an override within the client file.

Karen_pdx · ‎02-20-2019

Under Reg. 1.199A-6(e)(2)(ii), the fiscal year pass-through entity calculates QBI, W-2 wages, UBIA of qualified property and the aggregate amount of qualified REIT dividends and qualified PTP income ...

Under Reg. 1.199A-6(e)(2)(ii), the fiscal year pass-through entity calculates QBI, W-2 wages, UBIA of qualified property and the aggregate amount of qualified REIT dividends and qualified PTP income for its full fiscal year ending after 12/31/17 and the shareholders treat them as having been incurred by the individual during the individual's taxable year in which or with which the pass-through entity's fiscal year ends. It may seem somewhat generous rule, but remember that the pre-2018 PTE income is also not eligible for the DPD deduction under the former Sec 199. And when these rules expire, the partial year PTE income of 2025 in the fiscal year that ends in 2026 will not be eligible for a Sec 199A deduction either.

Karen_pdx's Posts

Karen_pdx's Posts

OR Local Tax extension payments paid in 2023 are being included on 2022 Fed Sch A and OR Sch OR-A

Context sensitive help screens

Re: Is there a trick to generating CA fiduciary Form 541 Schedule G?

Is there a trick to generating CA fiduciary Form 541 Schedule G?

Re: qbi for real estate partnership

Re: Partnership k-1 packages and Lacerte

Re: Sec 199A

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