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Im new to Lacerte, I have a new client, is there a easy way to add the prior years tax return information? Is there one specific place to do so? Or do I have to go to each separate tab to add prior years income, carryovers etc

Mel24
Level 2
 
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George4Tacks
Level 15

I would typically go  to the prior year return and input that return, as if I were going to prepare it. In this case reproduce the 2020 tax return. This gives you an opportunity to review the work of the prior preparer and, if necessary, be ready to go for an amended return. Then do the proforma to 2021 and print an organizer to give the client, if they wish.

If there is an REP charge for the prior year, make the SSN all 9's and there will be no charge. When you go to 2021 remember to change SSN back to correct one. 


Here's wishing you many Happy Returns

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3 Replies 3
George4Tacks
Level 15

I would typically go  to the prior year return and input that return, as if I were going to prepare it. In this case reproduce the 2020 tax return. This gives you an opportunity to review the work of the prior preparer and, if necessary, be ready to go for an amended return. Then do the proforma to 2021 and print an organizer to give the client, if they wish.

If there is an REP charge for the prior year, make the SSN all 9's and there will be no charge. When you go to 2021 remember to change SSN back to correct one. 


Here's wishing you many Happy Returns
Mel24
Level 2

THANK YOU SO MUCH!

IntuitRebecca
Moderator
Moderator

Hi there,

For year-over-year comparison purposes, you can enter 2020 amounts on Screen 48, Prior Year Summary

Most carryovers should be entered on the screen/activity they relate to, so the program can track these more granularly. For example, carryovers of prior year unallowed passive losses from a Sch E rental would be input on Screen 18, for the property that generated the loss. 

Capital loss carryovers are similarly entered on Screen 17 - you can click the button or hyperlink to jump to the Carryovers/Misc Info input:

2022-01-25_09-22-48.png

- Rebecca