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16000: 2019.01.09 - Drake18 Federal Updates


Drake18 Update Notes

2019.01.09 - Drake18 Federal Updates

 

General Update 3

  • Certain prior-year Section 965 Transition Tax amounts and installment payments will now be updated to the new 965A screen, Individual Report of Net 965 Tax Liability, located on the “Taxes” tab of the Data Entry Menu.

Tools Update 2

  • An enhancement to the Drake Scheduler improves its efficiency. 

1040 Update 3

  • Form 9465 can now be e-filed.
  • Form 56 can now be e-filed.
  • Line 22, “Labor hired,” on screen F, Farm Income, has been separated into two data-entry fields for QBI purposes. The fields, “Non-W-2 labor hired” and “W-2 wages paid,” will be totaled for line 22 of Schedule F. Non-W-2 labor doesn’t qualify for “W-2 wages paid” for QBI purposes.
  • A check box was added to screen 2210 to indicate that no prior-year return was filed. If this box is marked, line 8 of Form 2210, Penalty for Underpayment of Estimated Tax, will remain blank and the amount from line 5 will flow to line 9 per the Form 2210 instructions.
  • On Form 2210-F, line 10 will remain blank and the amount from line 7 will flow to line 11.

1041 Update 1

  • Line 22, “Labor hired,” on screen F, Farm Income, has been separated into two data-entry fields for QBI purposes. The fields, “Non-W-2 labor hired” and “W-2 wages paid,” will be totaled for line 22 of Schedule F. Non-W-2 labor doesn’t qualify for “W-2 wages paid” for QBI purposes.
  • The watermark was removed from Form 8855, Election to Treat a Qualified Revocable Trust as Part of an Estate. The form can now be printed and mailed.
  • A check box was added to screen 2210 to indicate that the prior-year return covered fewer than 12 months or that no prior-year return was filed. If this box is marked, line 8 of Form 2210, Penalty for Underpayment of Estimated Tax, will remain blank and the amount from line 5 will flow to line 9 per the Form 2210 instructions. On Form 2210-F, line 10 will remain blank and the amount from line 7 will flow to line 11.
  •  A fourth column, “11 months,” was added to the “Annualized Income Installment Worksheet” section of screen 2210. Prior to this update, the program automatically derived the amounts for the fourth column based on results of other calculations on Form 1041. This new column allows the penalty to be calculated on only 11 months of income rather than 12 months, per Notice 87-32.

1065 Update 2

  • Data flow to the partner's basis worksheet has been updated to include the following:
    • Line B - BOY Nonrecourse loan 
    • Line A - EOY Nonrecourse loan
    • Line 3g - Section 1231 gain
  • An EF Message prevents parse error, “’IndividualPRDesignationGrp' in namespace has incomplete content,” associated with a missing phone number on screens B or K1.
  • If an entity and not an individual is selected as the Partnership Representative on a K1 screen, additional data will be required in the "Designation of Partnership Representative" section of screen B ("Schedule B, cont." tab). EF Message 932 stops e-file until this information is supplied.

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