User's Manual - Drake Software

Drake Software User’s Manual
Supplemental Income
To access the 5329 screen directly from the 1099 screen, click the Form 5329 link
shown in Figure 5-20 on page 120.
Exception
Numbers
On the 5329 screen, exception numbers 01 and 06 (Part I, line 2) apply only to distributions
from qualified employee plans—not to those from IRAs, annuities, or modified
endowment contracts. To view full descriptions of each exception number, click
inside the Exception number field and press F1.
Supplemental Income
Links for Schedule E and K-1 screens are located in the Schedules E and K-1 section
of the Income tab.
Figure 5-21: Screens for entering Schedule E data
Schedule E
Screen code: E
Use screen E to complete page 1 of Schedule E (Part I: Income or Loss From Rental
Real Estate and Royalties). Page 2 of Schedule E (Parts II through V) is calculated
from K-1 schedules. The corresponding screens in Drake (E2, E3, and E4) primarily
contain override fields; data entered here overrides amounts that would otherwise
flow from the K-1.
IMPORTANT
Use screens E2, E3, and E4 only if transcribing the information
from a previously calculated Schedule E.
Form 1099
Reporting
Screen E includes check boxes for indicating (1) if any Forms 1099 were required to
be filed, and (2) whether the required Forms 1099 were filed.
Figure 5-22: 1099 check boxes on screen E
NOTE
If more than one Schedule E is required, questions A and B (above)
should be answered only on the first screen E.
Tax Year 2012 121