When will the Form 502LU be updated in Proseries?
It was released by MD on 4/15 and seemingly update / added into Lacerte on 4/16 yet still nothing in proseries, I spoke to customer support and they said they had no information about when it may become available. We have a large pile of returns backed up awaiting this form and this will definitely weigh in our renewal decision for next year if
It has not been added to Lacerte in one day as it takes much longer to update software, and get approval from the state. Also, the Comptrollers office has admitted running into problems with the form so they may be making additional changes. Do what I did two months ago, tell your clients it'll probably be early May.
Lacerte says this as of now 502LU Final form without watermark was released on April 16, 2021 ( I don't have Lacerte so can't confirm it is active, but it sure looks like it is)
MD's press release from 4/15 says the following, sure doesn't sound like they feel they have more work to do on the forms.
ANNAPOLIS, Md. (April 15, 2021) - Comptroller Peter Franchot announced today that all individual Tax Year 2020 tax forms have been updated and are ready for use by taxpayers and tax preparers, effective immediately.
MD is making changes still to Form 511, but to my knowledge the 502LU is completed and there are no further changes pending on there, most software companies have been updated and for Intuit to not have any clue when it may or may not be available is inexcusable in my opinion.
I read yesterday that the pass-through entity tax issue was what was causing problems. The form itself may be final, but I really believe the calculations are not yet. And if you're that anxious, Lacerte has a free demo program. Someone else posted yesterday they believe that [possibly] in tomorrow's update there will be a MD adjustment.
The 502-LU was released a week ago but ProSeries still hasn't updated the software for tax preparers. I called ProSeries AGAIN today and was told it "should" be available with the update they are releasing on April 30th. Wait another week ??? This is TOTALLY UNACCEPTABLE! What are we supposed to tell the 135 clients waiting for us to complete their state tax returns? We pay good money for this software and should not have to wait this long for a software fix.
The ProSeries advertisement proudly claims "Deliver for your clients like never before" .... Well that's an understatement!