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Estimate Worksheet and Vouchers Updated for the American Rescue Plan Act 2021

IntuitAlicia
Employee
Employee

Lacerte has been updated to calculate the Tax Year 2021 Estimate worksheet and vouchers for the ARPA 21 changes to the Child Tax Credit and Dependent Care Credit. (Version 41.0609)

To locate this input:

  1. Go to Screen 7.1, 2021 Estimates (1040-ES).
  2. Locate the Federal Estimated Tax Worksheet section.
  3. Within the Taxes and Credits subsection, check the box to Apply ARPA provisions to recompute the Child tax credit and Dependent care credit.
    1. The F1 help in this field provides additional details about this checkbox.

If some estimated payments have already been made, be sure to enter them as negative amounts in the appropriate quarter within the 2021 Estimated Tax Payments Overrides.

Lacerte will then modify the remaining estimated payments using the recomputed amounts.

Note: The Federal Estimated Tax Worksheet will only apply when the Estimate options (Ctrl+T) [O] (or settings) are set to use 2021 tax (code 7, for example).

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IntuitAlicia
Employee
Employee

For more Lacerte Tax News & Updates, click here.

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IntuitAlicia
Employee
Employee

For more Lacerte Tax News & Updates, click here.

View solution in original post

0 Cheers
Reply