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scottybcpa1
Level 2
March 6, 2021
Question

filing a short tax year for an S corporation

  • March 6, 2021
  • 2 replies
  • 15 views

We have a S corporation where we will make an election to file a short tax year due to changes in ownership

I can not find in lacerte where we can do this - thinking I will have to file a paper return and just hand write in the dates 

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2 replies

George4Tacks
George4Tacks
Level 15
March 6, 2021

Screen 3.1

 

Answers are easy. Questions are hard!
PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
March 6, 2021

If you're doing the split-year election under IRC 1377(a)(2), be aware that you do not file two short-year returns. You file one return for the full year, and override the K-1s so each owner pays tax on their ownership period. The last time I did one of those, it took multiple Lacerte files just to produce correct K-1s, because you can't always override everything.

    S
    scottybcpa1Author
    Level 2
    March 7, 2021

    Thanks Phoebe

    I had incorrectly assumed that the 1377(a)(2) election required 2 tax separate tax returns

     

     

     

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