Creating More Than Two Statements in Form 5472 Part II for 2+SH

Forum|Forum|3 years ago
February 23, 2023
1 reply
7 views

Form 5472 Part II (25% foreign SH), unlike UT and Drake, Lacerte only shows the information for 2 foreign Shareholders. But if there are more than 2, it does not create an additional statement to include the 3rd or 4th sharehoder.

There should be a way to add up to 4 if it's 25% or more, correct? We could do this in Drake...

We are new to Lacerte and I searched for an answer but most people were asking how to fill out the form itself than the functionality.

Lacerte Tax

This topic has been closed for replies.

L

LCAndersonAuthor

Level 2

HEY For anyone else who is having this issue with 5472 Part II adding more than 2 - YES, the IRS instructions are the sales - add additional forms and you do that manually, but Drake you could do it in the software.

Here's the work-around - Add clients you need on Screen 8. Here are the steps:

Enter Client / Owner 1
Click on Detail Menu at the top of the program, then go to Copy Property
Then go back to the Detail Menu and go down to Paste Property.

It will make a copy and you won’t have to completely fill out everything again. You would only need to edit the fields that needed changing.

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded