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When will the 2020 program update for the net operating loss elections under Rev Proc 2021-14? I am holding several returns.

Lori CPA
Level 1

Revenue Procedure 2021-14 has very specific instructions on net operating loss elections for 2018, 2019, & 2020 that must be used on the 2020 tax return.  The net operating elections still reference Rev Proc 2020-24.  This is holding up my extended individual tax returns.  When will Lacerte 2020 be updated?

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George4Tacks
Level 15

Why wait for Lacerte to add an election? You can add several all on your own.

For the 1040, Screen 46 > Election > Scroll to the bottom and select Other Election > Election Title - Type the section "IRC ...." > Election Text - Type the wording to fit the election. 

If you need another, about mid way of the  left column, click  Add

 


ex-AllStar
Lori CPA
Level 1

Because I pay a lot of money for the program and expect it to be updated with election options when the law changes.  Lacerte is supposed to be updated throughout the year and this is a big change.

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