User's Manual - Drake Software

Drake Software User’s Manual
Election Options
Election Options
Special Returns
The ELEC screen has check boxes to indicate “elections” from the IRS code. If any
boxes on this screen are marked, a note listing the elections is generated with the
return. To attach an additional statement detailing an election, go to the SCH screen
and select E – Election Explanation for the type of schedule. Both the list of elections
and any designated election explanations are visible as ELECTION pages in
View mode. (For more on unformatted schedules, see “Unformatted Schedules” on
page 189.)
This section explains how to complete the following return types in Drake:
• Form 1040X, Amended U.S. Individual Income Tax Return
• Extension Applications:
– Form 4868, Application for Automatic Extension of Time To File U.S. Individual
Income Tax Return
– Form 2350, Application for Extension of Time To File U.S. Income Tax
Return For U.S. Citizens and Resident Aliens Abroad Who Expect To Qualify
for Special Tax Treatment
• Form 1040NR, U.S. Nonresident Alien Income Tax Return
• Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return
NOTE
Amended returns cannot be e-filed. An electronic signature is required
for all other returns and applications for extensions. See “Signing the
Return” on page 163 for more on electronic signatures.
Amended Returns
A return must be established in Drake before the amended version can be created. If
the original return was created using a different program, you must create the return in
Drake and enter basic taxpayer information (filing status, address, etc.) before amending
the return.
NOTE
Make sure you have a backup copy of a return before you change any
data. You can create both a PDF copy and a backup client file in the
Document Manager if you archive the return. (See “Archive Manager”
on page 207.)
To create an amended return in Drake:
Screen code: X
1. Open the return to be amended.
2. From the Other Forms tab, click X, 1040X Amended Return.
3. To have the program autofill the 1040X screen with data from the original return,
click Yes. To leave the fields blank, click No.
4. Enter all applicable data in the 1040X screen.
5. Revise any other sections of the original return as needed.
Tax Year 2012 175