Items to Note (1040)

The main purpose of this conversion is to get your data ready for the following tax year.  Therefore, viewing a Form 1040 or business equivalent form will not display the same results that had been filed.  Some of the data is also placed in input fields that appear to be incorrect but are used as place holders.  When the return has been proformaed to the following year, these amounts will go to the correct input fields. 

For the Individual program, additional data will be converted to help fill out an organizer.  (An organizer is a questionnaire given to the client to help “organize” information for the following tax year.)  Information such as wages on a W2 are converted to help fill out the prior year amounts for an organizer.  This will result in Form 1040 looking similar but not identical to what was filed during the tax year.  Again, viewing a Form 1040 will not display the same results that were filed with your other program.

Number of Assets - The conversion program converts a maximum of 2,500 assets.

During the conversion process, the following Form 1040 carryover information will NOT be converted to your 2017 Lacerte data files. To ensure your calculated carryover data is transferred (via the Proforma process) to the 2018 Lacerte Tax program, manually enter these items in your 2018 converted data files, once the Proforma process of transferring from 2017 to 2018 is complete.
  • Suspended losses (Passive & Non-Passive) from Schedules: C, E, F, K-1 Par, K-1 Scorp, K-1 Fid.
  • Capital Loss Carryovers & Net Sections 1231 Loss carryovers.
  • Penalty Calculation:  2017 Tax Liability & AGI
  • NOL’s
  • Foreign Tax Credit Carryovers
  • Business Use of Home Carryovers
  • Adoption Credit Carryovers
  • Charitable Contribution Carryovers
  • All IRA basis carryover amounts
  • State Tax Refund Carryovers
  • All State related Carryover items
  • Overpayment applied to 2018
  • All General Business Credit Carryovers
  • Form 8801 Carryover items
  • Investment Interest Carryovers
  • Installment Sale Information
NOTES: Be sure to pay close attention to the Depreciation area of the conversion. Also, please note that we were NOT able to convert the Prior Year Summary area, and we don’t expect you to manually re-enter this information. (The conversion process is a one-year process, so you will have a Prior Year Summary in subsequent years, but not in the year of the conversion).

Items noted in RED do not convert & will require manual input.  The note will provide the input screen number in Lacerte where to enter the amount.  Consult the Contents screen for screen number & name for reference.