Web1040 Pro program supports the following Federal Forms. Forms indicated with a * are not listed in the form search and are produced as needed based on the information entered in the return. Form 1040 Individual Resident Tax Return Form 1040NR Individual Nonresident Tax Return Form 1040-P...
Creating, Printing and Filing Extensions in Web1040 Pro Form 4868 is used to extend the time to file an individual tax return. While the normal due date for taxes is April 15th (during most tax years), Form 4868 extends the due date by 6 months to October 15th. Filing Form 4868 only extends the time...
Starting an Amended Return Select the option "20XX Amended Return" from within the tax return to file an amended return for this year’s tax return. The program will open the Amended Tax Return - Form 1040X Menu. There will be seven (7) menu options to select from. For detailed step-by-step instructi...
To electronically file a state only return, the federal return must also be marked for electronic filing. These state-only e-files "piggyback" with the federal return. The IRS doesn't process the federal return and forwards the state return(s) to the state(s).To electronically file a state-only retu...
To enter adjustments in Web1040 Pro , from the Main Menu of the Tax Return (Form 1040) select: Federal Section Deductions Menu Choose Select my Forms Adjustments Under the Adjustments menu, you will find the following forms and adjustments: Medical Savings Account Form 8853 Educator Expenses Expens...
The program will automatically use the larger of standard or itemized deductions, based on the information that has been entered, however you can force it to use itemized deductions if desired. To force the use of itemized deductions, within the return select: Federal section Deductions Itemized Ded...
To enter Credits in Web1040 Pro , from the Main Menu of the Tax Return (Form 1040) select: Federal Section Deductions Menu Choose Select my Forms Credits Under the Credits Menu you will find the following forms: Foreign Tax Credit Form 1116 Child Care Credit Form 2441 Education Credits Form 1098-T R...
Form 1099-Misc is used to report any miscellaneous income to a taxpayer that would not be included on a Form W-2. This income can be for services, rents, royalties, prizes, etc. Generally, any amounts in box 3 of the Form 1099-Misc can be reported as Other Income on Form 1040, Line 21.To access Ot...
Certain retirement payments or distributions a taxpayer receives from a retirement plan or IRA can be “rolled over” by depositing the payment into another retirement plan or IRA within 60 days of the date of distribution. By rolling over the retirement plan distribution, the taxpayer generally does ...
Form 1099-R - Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., is a source document that is sent to each person that receives a distribution of $10 or more from any profit-sharing or retirement plans, any individual retirement arrangements ...
Distribution Due to Death of Plan ParticipantWhen an individual taxpayer inherits a traditional IRA from anyone other than their spouse, the taxpayer cannot treat the inherited IRA in the same manner as they can treat an IRA that they own otherwise. Moreover, an IRA which is inherited is subject to ...
Form 1099-Q is provided to a taxpayer who received a distribution from a qualified tuition program (a 529 plan) or a Coverdell Educational Savings Account, or when funds are transferred between accounts. The form is provided to the taxpayer by the plan administrator or bank, and the information is a...
When a taxpayer takes out a loan, the loan proceeds aren't included in the taxpayer's income since they aren't income; they are a debt, and the taxpayer is obligated to repay the lender. When the lender cancels or forgives the debt, the taxpayer may have to include the canceled amount in income for ...
Form 1099-INT is used to report interest and the information provided may be different for covered/non-covered transactions. For covered securities that were acquired at a discount or premium the payer must (unless certain notices were provided by the investor to the payer) either report the net int...
A lump sum Social Security payment is one that was paid in the current year as back pay for previous years. Depending on the taxpayer's current year AGI, this income may be taxable and should be reported on Form 1040.Boxes 3 to 5 of the taxpayer’s 1099-SSA are relevant: Box 3 shows the amount receiv...
Form 1099-DIV is used to report dividends and certain other distributions to investors/taxpayers. Dividends are distributions of property by a corporation to the shareholder or owner of the corporation out of the earnings or profits of the corporation. Dividends are typically paid in the form of cas...
For information about Excluding Sale of Main Home, click here.To access the Sale of Main Home Worksheet in Web1040 Pro, from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Capital Gain and Losses (Schedule D) Sale of Main Home Worksheet Enter the date the home was p...
To enter a Schedule K-1 (Form 1041) in Web1040 Pro , from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Less Common Income K-1 Earnings Begin next to Schedule K-1 (Form 1041). The Form 1041 K-1 Edit Screen has three sections; Part I - Information About the Estate/...
To enter a K-1 (Form 1065) in Web1040 Pro from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Less Common Income K-1 Earnings - Select 'Begin' next to Schedule K-1 (Form 1065) See below basic information on each part of the Income section of the Schedule K-1 1065 Me...
To enter a K-1 (Form 1065) in Web1040 Pro from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings - Select 'Begin' next to Schedule K-1 (Form 1065). See below basic information on each part of the Income section of the Schedule K-1 1065 Menu. F...
To enter a K-1 (Form 1065) in Web1040 Pro from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings - Select 'Begin' next to Schedule K-1 (Form 1065). See below basic information on each part of the Credits section of the Schedule K-1 1065 Menu. ...
To enter a K-1 (Form 1065) in Web1040 Pro from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Other Income K-1 Earnings - Select 'Begin' next to Schedule K-1 (Form 1065). See below basic information on each part of the Deductions section of the Schedule K-1 1065 Men...
To enter the income items from a K-1 (Form 1120S) in Web1040 Pro from the Main Menu of the Tax Return (Form 1040) select: Federal Section Income Menu Less Common Income K-1 Earnings Select 'Begin' next to Schedule K-1 (Form 1120S) See below basic information on each line of the Heading Information ...
This article focuses solely on the entry of the Income (or Loss) items which are found on Lines 1 through 10 of the Schedule K-1 (Form 1120-S) Shareholder's Share of Current Year Income, Deductions, Credits, and Other Items. For additional information regarding the requirements for Schedule K-1 (For...
This article focuses solely on the entry of the Credits items which are found on Part III of the Schedule K-1 (Form 1120-S) Shareholder's Share of Income, Deductions, Credits, etc. For additional information regarding the requirements for Schedule K-1 (Form 1120-S), see: Shareholder's Instructions ...
This article focuses solely on the entry of the Deduction items which are found on Part III of the Schedule K-1 (Form 1120-S) Shareholder's Share of Income, Deductions, Credits, etc. For additional information regarding the requirements for Schedule K-1 (Form 1120-S), see: Shareholder's Instruction...
If the taxpayer is an eligible retired public safety officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew), they can elect to exclude from income distributions made from an eligible retirement plan that are used to pay the premiums for coverage by an...