User's Manual - Drake Software

Estimated Taxes
Drake Software User’s Manual
3. Mark the applicable boxes. If a row is selected, the parent’s data is exported to that
dependent’s tax return in Drake.
4. Click Export.
5. Click OK.
Click Exit to close the Export 8615 dialog box. The parent information is now ready
to be imported into the dependent’s return.
Importing
Parent
Information
After the 8615 data has been exported from the parent’s return, you will be prompted
to import the data the next time you open (or when you create) the dependent return.
To import parent data into a dependent return:
1. From the Home window, click Open/New.
2. Enter or select the dependent’s SSN and click OK. You are asked if you want to
import the return data.
3. Click Yes. The return is opened to the General tab of the Data Entry Menu.
When you open the 8615 screen, you will see that the parent information has been
entered into all of the applicable fields, as shown in the Figure 5-41 example.
Estimated Taxes
Figure 5-41: Parent information has been imported into dependent’s 8615 screen.
This section focuses on the following information in Drake:
• Estimated taxes paid in 2012
• Estimated payments for 2013
• Estimated tax adjustments
• Applying 2012 overpayment to 2013
• Underpayment of estimated tax
• Estimated tax penalty
Estimated Taxes Paid in 2012
Use the ES screen to enter, by quarter, the 2011 overpayment and the estimated taxes
paid in 2012. The program applies the standard estimate payment dates. If any of these
dates are different, enter the correct date in the applicable override field.
150 Tax Year 2012