User's Manual - Drake Software

Quick Estimator
Drake Software User’s Manual
4. Once you’ve filled in all return data, click Exit to close the form.
NOTES
If “NONE” is selected for Preparer # on screen 1, the program applies
the same designation for Firm #, and nothing is shown on the corresponding
lines of the printed return unless corresponding entries are
made on the PREP screen. In addition, the program will print as the
ERO the preparer selected as the Default ERO (on the EF tab under
Setup > Options).
If the Preparer # field is left blank, the program will use the corresponding
information from Setup > Preparer(s), respectively.
Quick Estimator
Note that the same toolbar from data entry is available in forms-based data entry.
Use the Quick Estimator to quickly calculate results for an individual (1040) return.
CAUTION
Do not e-file or mail the return generated in the Quick Estimator to
the IRS, or an amended return will be required.
PPR clients: A return created in the Quick Estimator counts as one
PPR return.
To use the Quick Estimator:
Shortcut: Press
CTRL+Q to open
Quick Estimator.
1. From the Home window, select File > Quick Estimator.
2. Enter or select an SSN. If an existing return is selected, the Quick Estimator will
not override previous entries.
3. Enter all applicable information for the return. Press F1 in an individual field for
help on that field.
4. Press ESC to save the data, exit the screen, and view the return. Depending upon
your setup options, you may be able to click CTRL+C to calculate, or CTRL+V to
calculate and view.
Please note the following points when using the Quick Estimator:
• Because the total of interest, dividends, and other income are entered in one field
(Interest/dividends/Other income), the bank-product and preparer fees might
not be accurately reflected on the bill. The income could be overestimated or
underestimated.
• The Quick Estimator produces only one return if calculating a Married Filing
Separately return. A separate return must be generated for the other spouse.
• Because the names of dependents are not entered in the Quick Estimator, the individual
names are not shown on the return. The appropriate credit amounts are
indicated if all applicable fields are completed in the Quick Estimator.
• Select ERC if the taxpayer would want an Electronic Refund Check when the IRS
deposits the refund.
• A Preparation fees withheld from Bank Product entry overrides the Tax preparation
fee field on the BANK screen.
310 Tax Year 2012