LACERTE IND RETURN DOES NOT REQUIRE ADDITIONAL STATE FOR 2020

Forum|Forum|5 years ago
April 13, 2021
1 reply
11 views

Should I delete the state under Client Info? Will I lose any Michigan carryovers associated with the K-1. The 2019 General Info includes Michigan carryovers for the Basis Losses - State Amounts.

He received a MI K-1 for 2020 but it has no income on it, just reporting the tax basis capital account. No other activity in the LLC. There may be activity/income in future years.

Is there a way to see the effect of this without having to REP the Michigan forms? I don't want to incur the REP fee for a return I will not be filing.

TIA

Lacerte Tax

This topic has been closed for replies.

P

PKCPAMST

Level 6

1. Make a copy of the client file.

2. In the copy made in Step 1, change the client's Social Security number to 999-99-9999.

3. Obtain a REP approval. Because of all 9s above, you will be not charged a fee for REP.

This way, you can do the what-if analysis.

P

pat11Author

Level 5

Thanks for that but I made a copy and removed the MI return before going into Forms, instead. The MI c/o info is removed. Not sure how to retain it if this year, no MI return is required. There may be MI information next year..

The only way I can see to retain that info is to REP the form and just not file. I just don't want to be charged for MI if filing is not required.

Any other suggestions?

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