I installed the 2020 Proseries and transferred 2019 returns, and was horrified to find that 2019 Form 5471 data is not being transferred to 2020 returns, absolutely nothing. This means I'll have to re-input tons of information. Does anyone know whether Intuit plans to implement roll-forward of Form 5471 data?
Every year there seems to some kind of glitch with early transfers, did you transfer that file in today or did you transfer files in back in December?
If this was an early transfer, you could try to delete the file and transfer back in today, see if it rolls forward.
It might be a real chore to roll forward everything that is possible to roll forward, and it might not even be advisable.
But at the very least:
(a) the main Form 5471 should roll forward so it is at least present in the subsequent year (currently on transferring there is zero evidence in the 2020 software that there was a Form 5471 in the prior year return)
(b) the great majority of the data entered on Form 5471 pages 1 and 2 will be the same from year to year and should roll forward
(c) the ending balance sheet data for the prior year should roll into the beginning balance sheet in the subsequent year (Form 5471 page 4, Schedule F, Balance Sheet)
(d) it would be a bonus if the ending values in prior year rolled to starting values in subsequent year for Schedules J and P.
To anyone reading this thread, in a different but similar thread, an Intuit employee posted this answer:
The year-to-year converter issues with Form 5471 and Form 8621 are noted and the development team estimates a fix by the end of the month.