ProConnect HelpIntuit HelpIntuit

Troubleshooting diagnostic ref. 2007939 - stock reported in Section A (5471)

SOLVEDby IntuitLacerte TaxUpdated September 03, 2021

The following e-file critical diagnostic is generating in the Corporate module of Lacerte:

e-file: Form 5471 #X:  The description of stock reported in Section A, Stock of the Foreign Corporation must be either Common, Preferred or Treasury for electronic filing purposes. (ref. #2007939)

This diagnostic may generate if you typed the Description for the Stock Information (Ctrl+E) field instead of selected from the dropdown menu.

 

If this a Consolidator return, you'll need to go to the parent and subsidiaries to review your entries.

Follow these steps to resolve this diagnostic:

  1. Go to Screen 63, Information Return of U.S. Persons (5471).
  2. Select Information of U.S. Persons from the left navigation panel.
  3. Select the applicable Filer from the left navigation panel.
    • This is the filer that was listed in the diagnostic.
  4. Scroll down to the Schedule A - Stock of the Foreign Corporation section.
  5. Hold down Ctrl+E on your keyboard in the Stock Information (Ctrl+E) field.
  6. Click in the Description field and use the dropdown arrow to select the applicable stock type:
    • Common
    • Preferred
    • Treasury
  7. Repeat step 5 and 6 for each entry (if there are multiple entries in Stock Information).
  8. Click OK.

 

Was this helpful?

You must sign in to vote, reply, or post
Lacerte Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.