User's Manual - Drake Software

Drake Software User’s Manual
Additional Tax on Qualified Plans, etc.
Table 5-8: Other Credits Calculated in Drake
Screen
Form and Credit
8859 Form 8859, D.C. First-Time Homebuyer Credit (This credit expired in 2009. The
8859 screen in Drake contains TSJ and carryforward fields only.)
8864 Form 8864, Bio-diesel and Renewable Diesel Fuels Credit
8874 Form 8874, New Markets Credit
8881 Form 8881, Credit for Small Employer Pension Plan Startup Costs
8882 Form 8882, Credit for Employer-Provided Childcare Facilities and Services
8885 Form 8885, Health Coverage Tax Credit
8896 Form 8896, Low Sulfur Diesel Fuel Production Credit
8907 Form 8907, Nonconventional Source Fuel Credit
8908 Form 8908, Energy Efficient Home Credit
8909 Form 8909, Energy Efficient Appliance Credit
8910 Form 8910, Alternative Motor Vehicle Credit
8911 Form 8911, Alternative Fuel Vehicle Refueling Property Credit
8912 Form 8912, Credit for Clean Renewable Energy and Gulf Tax Credit Bonds
8936 Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
8941 Form 8941, Small Employer Health Insurance Credit
Unreported Social Security and Medicare Tax
In Drake, use the 4137/8919 screen for Form 4137, Social Security and Medicare Tax
on Unreported Tip Income, and Form 8919, Uncollected Social Security and Medicare
Tax on Wages.
Additional Tax on Qualified Plans, etc.
Drake’s tax software automatically calculates the taxable income from Qualified
Tuition Program (QTP) and Coverdell Education Savings Account (ESA) distributions.
The calculated amount flows to the following places in the tax return:
• Form 1040, line 21 (Other income)
• Form 5329 (Additional Taxes on Qualified Plans (including IRAs) and Other Tax-
Favored Accounts), line 5 (Distributions included in income from Coverdell
ESAs and QTPs)
Enter qualified education expenses and contributions to and distributions from a QTP
or ESA in the QTP/ESA Taxable Distributions section of screen 5329 (Figure 5-39
on page 148).
Tax Year 2012 147