Knowledge Base

12090: Make 1040 Elections on the ELEC Screen

1040 Individual Data Entry

Make 1040 Elections on the ELEC Screen.

To indicate that a return will be taking an “election” described in the IRS code, check the appropriate box on the ELEC screen. For most of the ELEC screen elections, a checked box automatically produces an explanation for that election on an Election page in View/Print mode. After you check an election, go to View and review the Election page. If an explanation does not appear for that election, or if the explanation is not sufficient, complete the SCH screen, selecting E (Election Explanation) from the Type of attachment drop list, and entering the explanation you want.* This produces a separate Election page that is printed and transmitted with the return.

The following elections are available on the ELEC screen.

Form 1040 Form 1045
Sch A - Claim decedent medical expenses Specified liability loss
Reinvestment of cash from insurance Farming loss carryback period
Elect retirement plan contribution sec 1.172-6 Form 1099
Entire cost of annuity contract sec 1.172-9 Tax-free transfers for cash distributions
Form 4684 - Elect loss from financial institution 92-44 transfer for sec 403(b) contracts
Form 6251 - SLE 904 limitation to figure AMTFTC Form 1116
Form 8233 - Withhold taxable noncompensatory scholarship Election to use exchange rate on date paid
Form 8328 - PAB not subject to volume cap Amount of foreign income tax credit not allowed
Form 8864 - Co-op allocation of agri-biodiesel credit Recapture more overall loss than required
PTP - Foreign PTP to be treated as U.S. corp Form 6251 SLE 904 limitation to figure AMTFTC
SSA - Lump-sum election Form 4562
Elective Safe Harbor for oil and gas property Elect to exclude property from MACRS
Qualified revitalization expense deduct/amortize Tax preference items amortized - no AMT
Nonresident taxed as resident Election not to claim Liberty Zone Allowance
Form 1040 NR Elect out of 5-yr property Liberty Zone leasehold
Elect income treated as from U.S. business Form 4797
Schedule B Recognize gain on disposition of intangibles
Include value of restricted stock in gross income Defer gain on qualifying electric transmission
OID - include market discount in current income Rollover gain for Empowerment Zone 60 days
Schedules C, E, F Mark-to-market election for traders
Deduct environmental cleanup costs Form 5329
Deduct up to $5000 business startup costs 5% rate applies to distribution
Elect to deduct costs for developing a mine Exceptions to qualified retirement plans
Elect to capitalize carrying charges Form 6252
Real estate taxes ratable accrued Election to pay interest on tax due from 6252
Sec. 1.263 (a) - 1(f) de minimus election Elect out of installment method-report on Sch D
Sec. 1.263 (a) - 3(n) election Form 6478
Sec. 1.263 (a) - 3(n)election is made on scree 4562 Carry unused credit back 1 yr/forward 20 yrs
Schedule D Other
Sales of securities to ESOP, postpone gain (Three fields are available for direct entry)
Postpone gain on QSB sec 301.91000-2
Rollover gain for Empowerment Zone 60 days
Mark-to-market election for traders
Schedule E
Real estate professional
Elective Safe Harbor for oil and gas property
Schedule F
Election to deduct preproductive expenses
Elect not to exclude payments
Qualifying forest or reforestation costs
Business startup & organizational costs
Elect not to claim special depreciation allowance
Elect to treat tree cutting as sale or exchange
Elect to use 2017 crop disaster payments in 2018
Farming loss carryback period
Rental Real Estate Activity
 Sec 469(c)(7)(A) Treat all interests in rental real estate as single rental activity  

 *An example of this might be making a Section 168(i)(6) election, or other code section elections not separately listed on the ELEC screen. 

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