10352: 1040 - Quick Estimator

The following information about the Quick Estimator is available at Tools > Quick Estimator in the Drake User's Manual.

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:

1. From the Home window, select File > Quick Estimator. (Shortcut: Press Ctrl+ Q to open Quick Estimator.)
2. Enter or select an SSN. If an existing return is selected, the Quick Estimator will not override previous entries and the Quick Estimator version will not be viewable.
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 press 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 (Int/div/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. 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.

Remember, the Quick Estimator should be used only for estimating taxes for new clients. A full return should be prepared later. Not all data from the Quick Estimator flows to the tax program.