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

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
Level 15

Late January at the earliest is my guess.

IRS has not even finalized it yet.


ex-AllStar
Level 15

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

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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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Level 3

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

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..umm... AllStar.
"the game of life is hard to play"

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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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