Can I override the basic exclusion amount on Form 706? I need the 2021 amount but, of course, only have the 2020 software. It seems like you should be able to change it since the form is not year-specific.

Forum|Forum|4 years ago
July 14, 2021
3 replies
15 views

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Lacerte Tax

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Best answer by carla1

I ended up calling Lacerte and they confirmed there is no override. She told me I would have to extend and wait for the 2021 software, which should come out around mid-November. Guess I'll have to work it out in 2020 and then re-input everything in 2021 since I can't wait that long to start. I'm wondering if there's a way to transfer the data.

BobKamman

Level 15

Try it and find out. It's not like it will have to pass e-filing checks.

R

Richard C

Level 2

I have the same question. The one reply does not seem to answer the question, as I have inputted the data into the 2020 program and cannot see how to change the exclusion amount.

C

carla1AuthorAnswer

Level 2

I ended up calling Lacerte and they confirmed there is no override. She told me I would have to extend and wait for the 2021 software, which should come out around mid-November. Guess I'll have to work it out in 2020 and then re-input everything in 2021 since I can't wait that long to start. I'm wondering if there's a way to transfer the data.

BobKamman

Level 15

It's just a few lines on the first page of the 706, right? You can find the fillable pdf for that here.

https://www.irs.gov/pub/irs-pdf/f706.pdf

If you don't want to fill out the whole page, use correction tape or fluid. If that looks messy, make a copy and type in the correct figures.

Humans knew how to relieve themselves before indoor plumbing. Tax preparers should know how forms were filled out before computer software.

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