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Screen PRR - Preparer Review (1040)

Overview

Use this screen to enter this year's income, adjustments, deductions, taxes, and payments. UltraTax CS uses this information with the calculated data to provide you with a report displaying any discrepancies between calculated amounts and preparer-entered amounts. Please note that this screen is for specific items of income, deductions, credits, and taxes. The amounts entered for each specific item should be taxpayer and spouse combined amounts, unless otherwise noted. This screen, which is intended as a diagnostic tool, may not account for form overrides on Form 1040, Pages 1 and 2, and Schedule A.

Preparer Review Report - Income Totals

Use this section to enter income amounts for the current year as they should appear on Form 1040, Page 1, and Schedule 1.
If the amount of the refund reported as income has been limited, enter the limited amount rather than the total amount of the refund.
The combined amounts reported for rent and royalty income, farm rental income, partnership / S corp income, and estate / trust income should equal the amount you expect to report on Schedule 1, line 5.
The combined amounts reported for rent and royalty income, farm rental income, partnership / S corp income, and estate / trust income should equal the amount you expect to report on Schedule 1, line 5.
The combined amounts reported for rent and royalty income, farm rental income, partnership / S corp income, and estate / trust income should equal the amount you expect to report on Schedule 1, line 5.
The combined amounts reported for rent and royalty income, farm rental income, partnership / S corp income, and estate/trust income should equal the amount you expect to report on Schedule 1, line 5.
Use this field to enter any other income you expect to report on Schedule 1, line 8.

Adjustment Totals

Use this section to enter adjustment amounts for the current year as expected to appear on Schedule 1, Part II.
Use this field to report penalty on early withdrawal of savings, Medical Savings Account deduction, Health Savings Account deduction, student loan interest deduction, and any other adjustments required to be reported on Schedule 1, lines 10, 12, 17, 20, and 22.

Itemized Deduction Totals

Use this section to enter itemized deductions for the current year as the amounts are expected to appear on Schedule A. Both the allowable itemized deductions and the standard deduction amount display. For purposes of calculating taxable income, UltraTax CS uses the most beneficial amount.
UltraTax CS automatically calculates the deductible amount based on 10 percent of AGI as calculated using the amounts entered here.
Enter the amount of taxes paid and expected to be reported on Schedule A, line 7.
UltraTax CS combines this amount with investment interest and should correspond with the amount you expect to report on Schedule A, line 10.
UltraTax CS combines this amount with interest expense and should correspond with the amount reported on Schedule A, line 10.
This must be the deductible amount, not the total amount. UltraTax CS does not calculate the limitation on charitable contributions for this report.
Enter the amount of other itemized deductions, with the exception of gambling and casualty losses. The sum of this amount, gambling and casualty losses is the amount you expect to report on Schedule A, line 16.
UltraTax CS does not determine the amount of deductible gambling losses to the extent of gambling winnings.
If this field is left blank, UltraTax CS will default to using the data entry in the Itemized Deduction Totals fields and Standard Deduction field. First, UltraTax CS will check for a standard / itemized deduction (Force) on the 1040 screen to determine which deduction has been taken. If no force is present, UltraTax CS will use the larger of the allowable itemized or standard deduction amounts entered on the PRR screen.

Tax and Payment Totals

Use this section to enter taxes, credits, and tax payments as the amounts should appear on Form 1040, Page 2, and Schedules 2 and 3.
Include tax on taxable income plus additional taxes from Forms 4972, 8814, and 8962, or a 962 election.
Use the field provided to report the combined total of other credits (other than child care credit) you expect to report on Schedule 3, lines 1 - 7. This should include the credit for elderly and disabled, child tax credit, education credits, residential energy credits, the foreign tax credit, retirement savings contributions credit, credits calculated on Forms 3800, 5695, 8396, 8839, and 8801, and other credits reportable on line 6.
Enter the amount of other taxes you expect to report on Schedule 2, lines 5 - 10. Include taxes the client expects to incur on Forms 4255, 8611, 8828, 8853, 8889 (Part III), 8959, and 8960, as well as Social Security and Medicare tax on tip income not reported to the employer, tax on qualified retirements plans, household employment taxes calculated on Schedule H, and any tax from the recapture of a fractional interest in tangible personal property.
Include additional Medicare withholding from Form 8959.
Enter the total amount of estimated payments made for
2024
 plus any amount of overpayment being applied from the prior-year return.
Enter the amount you expect to report for other payments on Form 1040. Include excess Social Security and RRTA tax withheld and other payments from Forms 2439, 4136, 8962, and additional Child Tax Credit (Schedule 8812).
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