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filing a short tax year for an S corporation

scottybcpa1
Level 1

We have a S corporation where we will make an election to file a short tax year due to changes in ownership

I can not find in lacerte where we can do this - thinking I will have to file a paper return and just hand write in the dates 

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3 Replies 3
George4Tacks
Level 15

Screen 3.1

 


ex-AllStar
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PhoebeRoberts
Level 9
Level 9

If you're doing the split-year election under IRC 1377(a)(2), be aware that you do not file two short-year returns. You file one return for the full year, and override the K-1s so each owner pays tax on their ownership period. The last time I did one of those, it took multiple Lacerte files just to produce correct K-1s, because you can't always override everything.

scottybcpa1
Level 1

Thanks Phoebe

I had incorrectly assumed that the 1377(a)(2) election required 2 tax separate tax returns

 

 

 

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