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Troubleshooting Lacerte diagnostic ref. 2007263 - Schedule E for Form 5471

SOLVEDby IntuitLacerte Tax1Updated September 22, 2022

The following critical diagnostic is generating in Lacerte:

  • Schedule E is not completed for Form 5471 #. This schedule is required for Category 3 and 4 filers. (ref. #2007263)

This critical diagnostic will generate when a Category 3 or 4 filer is entered for a Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations.

Follow these steps to clear the diagnostic:

  1. Go to the applicable Information Return of U.S. Persons (5471) screen for you tax type:
    • Screen 68 (Individual)
    • Screen 63 (Corporation)
    • Screen 56 (S-Corporate)
    • Screen 48 (Partnership)
    • Screen 66 (Fiduciary)
  2. Select the Schedule E - Income, War Profits, and Excess Profits Taxes Paid or Accrued section from the left navigation menu.
  3. Locate the Part III - Taxes for Which a Foreign Tax Credit is Disallowed.
  4. Enter the tax in U.S. dollars in the U.S. Taxes field.
    •  If there's no activity to report, enter a -1 or enter the name of country or U.S. possession, amount of tax in foreign currency, and conversion rate in the Income, War Profits, and Excess Profits Taxes Paid or Accrued (Ctrl+T) field.
 

This critical diagnostic is not an e-file diagnostic and won't prevent e-filing.

 

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