Drake Software Evaluation Guide

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8 2 | R e t u r n P r e p a r a t i o n 2 0 0 8 D R A K E S O F T W A R EPARTNERSHIP INFORMATIONEnter partnership information on the Schedule K-1. To open the Partnership K1, enter K1 inthe selector field.If either George or Kaye Adams were a partner in a business, their K-1 information could beimported from an existing 1065 (partnership) return or an 1120s (S-corporation) return. Sinceneither George nor Kaye is a partner, no information is needed here.ESTIMATED TAXESTo override the system’s automatic calculations and enter estimated taxes, type ES in theselector field to open the Estimated Taxes screen. This screen is divided into columns, one forEstimated Taxes Paid in 2008 and one for Estimated Taxes Due in 2009.Review the screen. It is not necessary to enter estimated tax data for the Adams’ return.FAQ SCREENThe FAQ screen is a great resource for federal and state-specific information. On the DataEntry Menu for federal or state, type FAQ in the selector field. Click to view the desiredtopic.DIRECT DEPOSITUse the DD screen for direct deposits of IRS refunds into the taxpayer’s checking or savingsaccount. Taxpayers can elect to deposit their federal refund directly into up to three checkingor savings accounts. If the federal refund is to be deposited into more than one account, theprogram produces Form 8888 - Direct Deposit of Refund. This form can be paper filed orelectronically filed. If only one account is entered, direct deposit information for the singleaccount is printed on lines 74b and 74d of the 1040.State refund direct deposits are also entered on the DD screen. Not all states provide directdeposit of refunds, nor do all states offer splitting the refund deposit into separate accounts.Only eligible states and cities are available from the State/City selection fields on the DDscreen.___NOTEDo not use this screen to enter direct deposit information related to bankproducts. Use the BANK screen to apply for bank products.To access the Direct Deposit Information screen, type DD in the selector field and pressENTER. Review the screen. It is not necessary to enter direct deposit data for the Adams’return.Drake Software Evaluation GuideCopyrighted Material
2 0 0 8 D R A K E S O F T W A R E R e t u r n P r e p a r a t i o n | 8 3PAYMENTUse the PMT screen to pay federal and state taxes due through electronic withdrawal from thetaxpayer’s bank account. Separate accounts can be designated for federal and state payments.To access the Electronic Funds Withdrawal Information screen, type PMT in the selectorfield and press ENTER. Review the screen. See Figure 47 below. If no payment date is entered,the default is April 15. It is not necessary to enter payment data for the Adams’ return.Figure 47: PMT screen for Electronic Payments.___NOTEThe PMT screen is divided into three sections, with the Account #1 sectiondesigned to accommodate electronic fund withdrawal of federal and statepayments from the same account, and to accommodate federal and stateestimated payments. The Account #2 and Account #3 sections arerequired only to designate payment for an additional state or if theelectronic funds withdrawal of the state payment is from a different accountthan the account chosen for the federal payment.Copyrighted MaterialDrake Software Evaluation Guide
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Drake Software Evaluation Guide

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