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When will Form K-1 be available for LaCerte 2020? I need it ASAP for tax planning

JZGilleo
Level 2
When I go to view the K-1 under the Forms tab, it says "This form is not available for this release."I am on the most current version of Lacerte 2020 Tax.
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6 Replies 6
sjrcpa
Level 15

Late January at the earliest is my guess.

IRS has not even finalized it yet.


ex-AllStar
IRonMaN
Level 15

You need a final K-1 for tax planning?  The system can't be massaged to get things roughed out?

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
JZGilleo
Level 2

Just being able to see how its flowing onto a K-1 would be very helpful, so that I can confirm no checkboxes were missed. 

They have the 1040 show with it watermarked "Do Not File", so I can't see why there isn't a K-1 like this.

I have a client with several layers of pass-throughs, so doing K-1's manually will be time consuming.

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Karl
Level 4

I think your only options are:

1) wait for release

2) re-run your scenario through 2019 software, accepting the changes in tax laws btwn years

3) draft them manually

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abctax55
Level 15

If you just can't "rough" out the numbers needed for year-end planning without a K-1, generate a "projected" one using the 2019 software.

Are you relying on the K1 data transfer option to do year-end planning?

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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JZGilleo
Level 2

This is my first year using LaCerte.

K-1 data transfer has worked ok, but the entities end in Grantor Trusts and I can't see the Grantor Letter to use to enter on the 1040.

 

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