User's Manual - Drake Software

Drake Software User’s Manual
Supplemental Income
Figure 5-30: Some of the fields for shareholder’s prior-year unallowed losses
(Basis Worksheet screen)
Printed
Worksheets
Basis worksheets are generated when the return is calculated. A worksheet actually
consists of two pages: page 1 shows the adjusted basis calculations; page 2 shows the
losses and deductions calculations.
TIP
You can force page 2 to be printed, even if it does not contain data. To
do so, mark the Force page 2... box at the bottom of the Basis Worksheet
continued screen in data entry.
Updating to
Next Year
Tracking At-
Risk Basis
The following basis information will be updated to the next year’s software:
• Adjusted basis amount at the end of the year
• Amounts in the “Disallowed Losses” column of the printed Adjusted Basis Worksheet,
page 2
At-Risk Limit Worksheets can help track shareholder and partner basis for at-risk
activities. Worksheets (WK_IPRSK for partnerships and WK_ISRSK for shareholders)
are produced for each Schedule K-1 for both regular tax and AMT. Use the 6198
At-Risk tabs on K1P and K1S screens to enter data for these worksheets. (Tabs are
shown in Figure 5-26 on page 124.)
The top half of the 6198 At Risk tab has the following groups of fields:
• Part I, Profit (Loss) from the Activity — If the basis worksheet was used, the
amount entered there for “Gain from Section 179 asset disposition” will flow to
line 2b of Form 6198. If that worksheet was not used, then this field on the 6198
At-Risk tab must be used. (If data is entered in both places, then the amount on
the 6198 At-Risk tab will be used.)
• Part II/III Simplified/Detailed Computations — If the Part III Detailed Computation
fields (located in the following section on the screen) are used, then the
program uses Part III to calculate the amount at risk for these fields. If amounts
are entered in this section only, then Part II is used.
Tax Year 2012 129