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M
markpaolillo
Level 2
February 13, 2025
Question

KY corporate LLET

  • February 13, 2025
  • 1 reply
  • 6 views

Lacerte is not completing Schedule L of form 720 correctly.  Section C, seems ok but Section D does not calculate at all and Section E only takes the minimum tax instead of the higher amount from Schedule C calculation

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    1 reply

    M
    markpaolilloAuthor
    Level 2
    February 13, 2025

    you must override the Schedule L input under state and local and then KY taxes.  Make sure to put -1 in all fields relating to the components of COGS for Column A.  I forced the prorated purchases to equal all of the prorated cogs

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