User's Manual - Drake Software

Drake Software User’s Manual
Data Entry
Figure 3-20: Screen code examples for Schedule C
• TS (or TSJ) — Select T if a screen applies to the primary taxpayer, S if it applies
to the spouse, or J if it applies to each spouse equally. (Default is T.)
• F — All data on a screen is automatically carried to the federal return as applicable.
Select zero (0) from the F drop list to prevent a screen’s data from being carried
to the federal return.
• ST — Code indicates whether the screen data should be used in calculating a specific
state return. If this field is blank, the software uses the resident state by
default. The data is not carried to any state or city if a zero (0) is selected here.
• City — Code indicates the source of the income on city returns.
Press F1 in a screen field to view all acceptable codes for that field.
Associating
One Screen
with Another
Drake allows you to associate one screen with another, such as when an asset on one
screen should be associated with a Schedule C. For example, to associate an asset
screen to a C screen, complete the For field and the Multi-form Code field (if applicable)
at the top of the asset screen. For the For drop list, select the form to be associated
with the open screen, as shown in Figure 3-21.
Figure 3-21: In this example, the 4562 screen is to be associated with the
second Schedule C created in the return.
If a return has multiple instances of the selected form, enter the instance of the form in
the Multi-form code field. For example, if there are two Schedule Cs and you want to
associate an asset with the second Schedule C created in the return, you would enter a
multi-form code of “2.” (See Figure 3-21.)
NOTE
For Schedule E rental properties, each property (in other words, each
screen) has a separate multi-form code. The MFC number for a
Schedule E should refer to the property, not the instance of the
Schedule E. (Up to three properties are printed on a Schedule E.)
Splitting a
Joint Return
When you split a joint return in Drake, the program calculates three returns: one for
married filing jointly (MFJ), and two for married filing separately (MFS).
Before splitting a joint return, ensure that data on all screens clearly applies to either
the taxpayer (T) or spouse (S), and make sure Ready for EF is not marked on the EF
screen. If this box is marked, all three returns will be marked eligible for e-file. (See
“EF Override Options in Data Entry” on page 236.)
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