This page intentionally left blank. - Drake Software Support

Drake Software User’s ManualPassive and Investment Income (1099-DIV, etc.)ReportingPortions ofDividendsNew in 2008, certain portions of ordinary dividends (domestic dividends not taxableby a state and ordinary dividends that are U.S. Government dividends) can beexpressed as either amounts or percentages.Figure 5-10: Enter portions of ordinary (line 1a) dividendsas amounts or as percentages of the total.Schedule B,Part IIISome taxpayers with bank or other financial accounts in foreign countries must fileSchedule B regardless of the income amount. New in 2008, this data is entered in theSchedule B Part III section of the INT screen, along with other Schedule B data.Figure 5-11: Schedule B Part III fields on INT screenNEW FOR2008If the return includes a Schedule B, the Foreign bank account andForeign trust items must be answered. Both are Yes/No questions. Ifeither question is left blank and Schedule B is part of the return, aNOTES page will be generated.StatespecificInformationRevised in 2008, State-specific information includes a drop list to designate Massachusetts,Oklahoma, or Tennessee for bank interest; a field for state ID numbers forMississippi, Minnesota, and New Hampshire returns; and choices for Illinois returns.Figure 5-12: State-specific fields on INT screen1099-OIDEnter interest from Form 1099-OID, Original Issue Discount, on either screen 3,Interest income field (if less than $1,500), or the INT screen (if $1,500 or more).Foreign Interest and DividendsUse the INT and DIV screens to report interest and dividend income from foreignaccounts and trusts. As applicable, this data flows to Form 1116, Foreign Tax Credit.Tax Year 2008 91