User's Manual - Drake Software

Drake Software User’s Manual
Other Taxes
Other Taxes
Screens for the following other forms are available under the Taxes tab in Drake:
Table 5-10: Other Tax Forms That Can Be Calculated in Drake
Screen/
Form
Form and Tax
4137 Form 4137, Tax on Tips
4970 Form 4970, Tax on Accumulation Distribution of Trusts
4972 Form 4972, Tax on Lump Sum Distributions
8611 Form 8611, Recapture of Low-Income Housing Credit
8615* Form 8615, “Kiddie Tax” *
8814 Form 8814, Parents’ Election to Report Child’s Income
8828 Form 8828, Recapture of Federal Mortgage Subsidy
*If both parents are deceased, go to the MISC screen and select Both parents
deceased in the Dependent filer special situation section.
NOTE
To enter the amount of COBRA premium assistance received in 2012,
go to screen 5 and enter the amount in the COBRA premium assistance
received in 2012 line of item 60.
Exporting Data for Kiddie Tax
The 8615 Export feature allows exporting of parent data to a child’s Form 8615. This
process consists of two main steps: (1) exporting the data from the parents’ return, and
(2) importing the data into the dependent’s return.
Exporting
Parent
Information
To export a taxpayer’s information into a Form 8615 for the dependent:
1. Go to View mode for the taxpayer’s (parent’s) return.
2. From the toolbar, click the 8615 Export button. The Export 8615 dialog box lists
the dependent names, SSNs, and export statuses for the return (Figure 5-40).
Figure 5-40: Dependents entered on return
Tax Year 2012 149