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Federal input screens

Screen Elect - Elections (1040)

Overview

Use this screen to specify which election statements to print with the return. A list of additional tax elections, organized by IRC section with corresponding screen links, is also provided. For a complete list of all elections included in the application, see Tax elections FAQs (1040).
A custom paragraph may be included in the filing instructions to inform the taxpayer to sign and date certain elections being filed with the return. To select this custom paragraph on a client basis, select custom paragraph
Signature Elections (FI)
 from one of the
Paragraph Description
 fieldviews in the Letter screen. To select this custom paragraph to print for all clients when applicable, choose Setup and then 1040 Individual, select the Letters & Emails button in the Federal tab, select the Custom Paragraphs tab, and mark the
Signature Elections (FI)
 box. For additional information, see Custom paragraph FAQs.

Election Statements

Use this section to choose election statements to attach to this client's return. The application comes with predefined election statements that you can use as they are, or customize for your specific needs. You can also create new election statements. To create and edit election statements, choose Setup, 1040 Individual, and then Tax Elections. For more information, see Editing or creating tax elections.
Enter the description that corresponds to the election statement required for this client, or select the election in the
Election Description
 field. The application prints up to ten election statements with the client's return.
Note that the application includes election fields in several input screens. If you make an election in the Elect screen, do not make the same election in another screen, as duplicate elections may print.
Screen
Election field
1040
Election to file joint return with nonresident alien spouse
1099R
Elect to recompute variable annuity excl
1099R-2
Include NUA in income
Request for waiver for penalty due to inadequate minimum required distributions
4835
Elect to include CCC loans in income
Elect crop insurance deferral to next year
Election for Section 451(e) sale of livestock due to weather-related conditions
Election for Section 1033(e) deferral of gain on sale of livestock due to weather-related conditions.
Small taxpayer safe harbor election (Reg 1.263 (a)-3(h))
4835-2
Aggregation group (Rev. Proc 2010-13 PAL Group Disclosure)
8283P1
Elect to apply 50% reduction rule to capital gain property contributions
8697
Elect to use the simplified marginal impact method
Elect Sec. 460(B)(6) to not apply the look-back method to long-term contracts
A
Elect to capitalize carrying charges
Elect to deduct decedent's medical expenses
ACA Tax
Elect to recognize CFC/QEF investment income concurrently with regular income
B&D
Elect to determine fund basis using average basis
Elect to recognize current income on noninterest-bearing discount bonds
C-2
Elect to capitalize carrying charges
Small taxpayer safe harbor election (Reg 1.263 (a)-3(h))
C-3
Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure)
Cr
Elect to use exchange rate on date paid
Ext
Out of the country on 4/15/14
F
Elect crop ins deferral to next year
Elect to include CCC loans in income
Election for Section 451(e) Sale of livestock due to weather-related conditions
Election for Section 1033(e) deferral of gain on sale of livestock due to weather-related conditions.
F-2
Elect to capitalize carrying charges
Small taxpayer safe harbor election (Reg 1.263 (a)-3(h))
F-3
Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure)
Income
Elect to include value of restricted property in income in year of transfer
K1
Code Section 751 Elections
K1-7
Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure)
MortgInt
Elect out of treatment as debt secured by qualified residence
1045
Elect to relinquish carryback of NOL incurred during the current tax year
Rent
Elect to capitalize carrying charges
Small taxpayer safe harbor election (Reg 1.263 (a)-3(h))
Rent-2
Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure)
SBasis1
Regulation 1.1367-1(g) election
SSA-1099
Lump sum Social Security benefits

Additional Tax Elections

Use this section to locate the source of data entry for other tax elections available in the application. Since many tax elections are activity-specific, and require additional details, the elections statements are associated to a particular input screen. Select the corresponding link in this section to access the data entry for the specified election, and enter additional detail where a statement is provided.

Election History & Election Report

The application automatically retains an election history for clients who previously filed an election statement in the prior year. A detailed Election Report is also available for printing, if desired.
Use the attached statement to record details about the elections taken in prior years. The statement includes the following fields.
  • Description:
     Enter a brief description of the election taken.
  • Tax Year:
     Enter the tax year the election was taken.
  • Effective Period:
     Enter the election's effective period. Some elections are perpetual, while others only cover the tax year taken.
  • Comments:
     Enter any additional information about the election. For example, enter information about an election that was revoked.
Enter
X
 in this field to print a detailed report of all elections included with the client's return. The Election Report generates information for both current year elections, and any prior year elections contained in all Election History statement.
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