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Default Tax Form Setup
Certain tax documents may qualify for multiple forms in the tax software.
Default Tax Form Setup
allows you to specify the forms in the tax software to which you want the SPbinder information to be exported.For example, your firm may want the 'Grantor Letter' information to export to individual 'Schedule K-1' form instead of the default consolidated statements. In that case, you can change the default tax form, when the information is exported from SPbinder to the tax software, the information will go to the form you specified. Please note, that this is a firm-level setting and will apply to all users at the firm.
Follow these steps to configure
Default Tax Form Setup
options. - Go toFileRoom>Admin>Tax Return>Default Tax Forum Setup.
- Select the tax year for which you want to set firm defaults.
- Locate your tax software in the list.
- You will see the default forms to which data is exported for each of the income/expense categories.noteExample: By default,1099-Consolidated Statementexports toConsolidated 1099. However, you can export to an alternative form by selecting another form from theInput Formslist. If you selectIRS-1099INT/IRS-1099DIV/D-1/IRS-1099MISC/A-4, then the data for interest income from the broker statement will be exported toIRS-1099INT, dividend income toIRS-1099DIV, capital gain/loss transactions toD-1, miscellaneous income toIRS-1099MISC, and margin interest/investment expenses toA-4.
Only the newly created forms (and not the proforma forms) will be exported into the selected form in the tax software. The input forms for proforma information do not change.
Additional Notes:
Default Tax Form Options
Binder types, source documents, and input form options will vary based on the tax software you use.
Review Wizard Match
In the Child Form Association (CFA) step of the Review Wizard, the tax form (e.g., Grantor Letter) will be matched based on the firm's default tax form setup.
note
The document will first prioritize the match with an existing proforma. If no match is found, then a new folder will be created under the default input form set by your firm.
In SPbinder, the Grantor Letter will be indexed to the 1099 Consolidated Statement in the
INDEX TREE
panel, even if you have selected the Grantor Letter for export to Schedule K-1.This article applies to:
- Product: SurePrep
Related content
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Tax Return options overview
Format:
Article,
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