Items to Note

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 transferred 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.  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.

Special Note for Depreciation: The following asset items may have some inconsistencies with Lacerte.  We strongly advise you to check your depreciation closely to verify that each asset is correctly represented in ProSeries.
  • IRS Tables versus Formula: The Lacerte program defaults to using IRS tables to compute depreciation.We are using this assumption when converting assets to ProSeries. ProSeries will use IRS tables to compute depreciation unless it was overridden in the Lacerte asset to use formulas.
  • Depreciation Method: Lacerte uses several depreciation methods that are different from ProSeries. We choose the closest method we can in ProSeries and then override the life of the asset to make it equal to Lacerte.
  • Like Kind Exchange: If the client has a like kind exchange and is not using the simplified method, the carryover basis asset that Lacerte creates the following year will need to be created in Proseries manually.
  • Rounding: Due to our limitation of capturing calculated values, we are not able to capture the exact depreciation number Lacerte has computed for each asset. ProSeries does have all the information to make this calculation itself, however, it can have rounding differences of a few dollars difference on some assets.
Items noted in RED do not convert & will require manual input.  The note will provide the information on where to enter the amount.