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Form 5471 rollover from 2019 to 2020 (current complete lack thereof)

LesEdy
Level 3

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?

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10 Replies 10
Just-Lisa-Now-
Level 15
Level 15

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.



♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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LesEdy
Level 3

I did the transfers today, Jan 11, 2021 (I hadn't even installed the software until today).

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Just-Lisa-Now-
Level 15
Level 15
ok, so thats not it....I'll flag this post for the moderators to add into the"bug" list.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Orlando
Intuit Alumni

Following up with the people in the know...

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LesEdy
Level 3

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.

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Orlando
Intuit Alumni

Is this in 1040? Or something else? Just trying to route it to the right place.

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LesEdy
Level 3

This is in Proseries Professional Form 1040. Thank you.

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mark8
Level 3

Hello to all, on the same vein as Form 5471 the PFIC Form 8621 is also not rolling over although it did from 2018 to 2019 last year.  If someone at Proseries can look into this as well please.

Orlando
Intuit Alumni

Thank you, I passed this along as well.  

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LesEdy
Level 3

To anyone reading this thread, in a different but similar thread, an Intuit employee posted this answer:

 

Employee
 
 

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.