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Screen 8404 - Interest on DISC Deferred Tax Liability (1040)

Overview

The application defaults to the taxable income from Form 1040, line 15. An entry in this field overrides the system calculated amount of taxable income from the tax return. Use this field when filing Form 8404 prior to completion of Form 1040.
The application uses the DISC adjusted taxable income on Form 8404 line 4 and calculates the tax liability on that amount as specified in the form instructions. The application does not take into account whether Schedule J or Form 8615 were used to calculate tax. In those situations, use this field to override the amount of tax liability.
The application calculates the tax liability for Form 8404, line 6, by making adjustments specified in the form instructions. Use this field to override the system calculated amount. Use this field when filing Form 8404 prior to completing Form 1040.
Enter
X
 to transfer the originally reported information to the
As Originally Reported
 fields on this screen. Originally reported information is defined as the information contained on the form the last time it was printed. Verify the information on Form 8404 is the information that was originally reported to the IRS.
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