Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

e-file 1065 returns

Include election statements in the e-file

The IRS uses specific or general schemas for e-filed elections. Manage elections using defined templates, account settings, or custom entries.

Guidelines

The IRS reviewed forms and instructions to find where taxpayers should attach elections. For these specific elections, the IRS created schemas to report the requirements.
However, the IRS didn't review all regulations or publications for every possible election. Instead of analyzing each and creating specific schemas, they developed a general dependency schema.
The general dependency schema includes the following elements:
  • Form Line or Instructions Reference
     (
    optional
    ): Completed for elections from IRS forms or instructions when the IRS hasn't defined a specific format.
  • Regulation Reference
     (
    optional
    ): Used to identify information for elections made based on information contained in regulations or publications.
  • Description
     (
    optional
    ): Used to enter a brief explanation of the election.
  • Text Field
    : Enter election data.
note
The current IRS schema definitions don't support information entered in a columnar format. For elections requiring columnar format, the IRS will let these be included in the return as PDF attachments. Create separate PDF files for each election, and the regulation reference should be used in the name of the PDF file.

Include elections in the e-file

You can enter all elections in
Organizer
,
Federal Tax Elections
.
tip
For any elections not described in this section, you can use return footnotes.
IRS defined elections
For those elections, the IRS has indicated you'll need to include it in the XML portion of the e-file using specifically defined election schemas. To ensure these elections are properly included in the XML file, use
Organizer
,
Federal Tax Elections
,
E-file Tax Elections
.
General dependency elections
  • Account defined elections:
     You can set up account-wide elections in Tax Defaults. These elections appear in every return. Select and edit those specific returns. They match the general dependency schema explained in the guidelines.
  • Preparer defined elections:
     These elections are prepared within each return independently. They're formatted to match the general dependency schema as explained in the guidelines.
  • TTA defined elections:
     We've created election templates for common elections. These templates include text explanations and provide fields for variable data specific to the return. They follow the general dependency schema explained in the guidelines.
tip
If the general dependency is an election, the description should begin with the word Election. For example: Election to Amortize a Bond Premium. For TTA defined elections, the word Election will be added automatically. For other elections, the TTA process will generate an alert to add the word Election.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1040 Individual,1041 Fiduciary,990 Exempt Organization
  • Subject: e-file,Elections

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close