User's Manual - Drake Software

Drake Software User’s Manual
Passive and Investment Income (1099-DIV, etc.)
Figure 5-11: Schedule B Part III fields on the INT screen
NOTES
The ...foreign financial account and ...foreign trust items must be
answered. Both are Yes/No questions. If either is left blank, a NOTE is
generated, alerting you to this fact.
If you do not have to file Form TD F 90-22-1, do not make a selection
from the ...foreign country drop list
NEW FOR
2012
For taxpayers with interest in more than one foreign account, or distributions
from more than one foreign trust, you can now press PAGE
DOWN and open a new screen for each country.
Statespecific
Information
The State-specific information section has a drop list to designate Maine, Massachusetts,
Oklahoma, or Tennessee for bank interest; a field for state identification numbers
for Michigan, Minnesota, New Hampshire, and Rhode Island returns; a field for
entering the amount of state tax withheld; and choices for Illinois returns (Figure 5-
12).
Figure 5-12: State-specific fields on INT screen
In the IA taxable interest income field on the INT screen, enter the amount of taxable
interest income from Iowa. (Figure 5-12) The DIV screen differs slightly; enter
the amount of taxable IA dividends.
1099-OID
Enter interest from Form 1099-OID, Original Issue Discount, on either screen 3 (if
less than $1,500) or the INT screen (if $1,500 or more).
Foreign Interest and Dividends
Use the INT and DIV screens to report interest and dividend income from foreign
accounts and trusts. As applicable, this data flows to Form 1116, Foreign Tax Credit.
The following Form 1116 capabilities are included on the INT and DIV screens:
• A section for foreign tax credit information
Tax Year 2012 107