Step 7 - Tax Exempt Income

The
Tax Exempt Income
wizard lets you identify and mark tax-exempt income as state-taxable/state non-taxable. In this Review wizard step, the tax-exempt interest income is divided into state-taxable and state non-taxable so that it gets correctly exported into the tax application.
You won’t have to manually calculate and enter it in the tax application.
Tax Exempt Income window.
The security descriptions that are not matched in the Verification step are shown in the
Tax-Exempt Interest/Dividend
step along with the respective amount in the field of
1099 Earnings
.
Document description and 1099 earning.
All the percentages entered in the Verification wizard will be converted into amounts and displayed in the
Exempt % or Amount
 column in this wizard.
"Exempt % or Amount" column.
It shows the state non-taxable amount, determined with the help of the predefined descriptions, the resident state, and the default option selected by the client instead of State Taxable as in the Tax Exempt wizard.
If you want to report the interest income as state-taxable, go to the last column, select the checkbox to mark the
1099 Earnings
as state-taxable.
Select the checkbox to mark the 1099 Earnings as taxable.
Selecting the checkbox changes the
Exempt % or Amount
amount to 0.
In the case of numerous consolidated statements, you can use the filter functionality to view the data for a particular consolidated statement. To filter data, select
Show Filter
.
Select Show Filter.
Blank fields appear over each of the column headings. Type the field description in the blank fields to filter the records in that column.
To clear the filters, select
Clear Filter
.
Select Clear Filter.
Tax Exempt Income section in Account Admin.
The resident state of the return will be displayed at the bottom left of the Tax Exempt Interest Wizard.
Count of records in the Tax Exempt Interest Wizard.
To view the source document, double-click on it or press
F1
. To close the source document viewing window, select
Close
 or press
Esc
. Multiple documents can be opened simultaneously.
Image Viewer.
To view the Shortcut keys for this Review wizard step, select the
Tips on Using Shortcut Keys
 link.
Select Tips on Using Shortcut Keys.
Checking the
Show All
 checkbox will let you view all the matched as well as unmatched security descriptions from the predefined security descriptions list and the resident state.
Documents listed in Engagement ID window.
To export all data in the Excel spreadsheet, select
Export to Excel
at the bottom of the window.
Select Export to Excel.
This will open the
Save As
 window wherein you can save the file to the destination. Choose the path and select the
Save
 button.
To view the exported details open the Excel file from the saved destination.
Select
Cancel
 or press
Alt
+
C
 to close the Review wizard without saving any of the work performed.
Select
Finish Later
 or press
Alt
+
F
 to close the Review wizard after saving all of the work performed.
Select
Next
 to continue or press
Alt
+
N
.

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