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CO FIDUCIARY ESTIMATED TAXES CALCULATING INCORRECTLY

pat
Level 4

Consistently seeing 2021 CO estimates calculating incorrectly on CO DR0105 - seems to be using the 2020 amount overpaid instead of the 2020 tax owed to calculate estimates. Can't really tell because no estimate worksheets are provided for CO. I have several returns waiting for correct treatment of the estimates.

When will there be a fix?

TIA

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4 Replies 4
George4Tacks
Level 15

Screen 12 > Do you have ANY entries in the State column for 2021 Estimated Tax?


ex-AllStar
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George4Tacks
Level 15

In Settings > Options > Tax Return > Is there a setting for Colorado Options about ES?

What is the Tax Return setting for 1041-ES Options?

 


ex-AllStar
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pat
Level 4

It's not the settings. One example, I have a trust that owed $4600 dollars for 2020 and overpaid by $8000 with last year's estimates. With option 1, this return is applying $341 to 2021 tax and calculating estimates that total $1023 and refunding $8000. With option 4, it applies $1,364 to 2021 and then refunds the $7000 balance. All of my fiduciary returns that require CO estimates are doing this.

I just called Lacerte and they want to waste my time with a calculation challenge rather than take the return and review it themselves to figure out what is wrong then fix it.

 

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pat
Level 4

 I find it odd that Lacerte employees will respond to other posts but not something like this one is reporting...

I was told a supervisor would call me today but not heard from anyone yet. 

Meanwhile I have to manually calculate and override the estimates for the CO trusts that are calculating incorrectly.

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