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Tax Return options overview

Tax exempt income

You can choose the settings for Tax Exempt Income allocation for state purposes. Follow these steps to configure Tax Exempt Income options. 
  1. Go to
    FileRoom
     >
    Admin
     >
    Tax Return
    .
    Select Admin the TAX RETURN.
  2. On the location dropdown, select the office location. The tax return option changes will apply to the selected office location.
    note
    When selecting tax return options, if no office location is selected then the blank location (first option) settings will be used by default. Any new office location added will inherit the blank location settings.
  3. Go to the
    Tax Exempt Income
     section.
  4. By default, 
    State non-taxable
     is selected. When this's chosen, all tax exempt income will be considered State non-taxable.
    Select State non-taxable
    Select  
    State taxable
     if you want all tax exempt income to be considered State taxable.
    Select State taxable
    elect
    Automatically determine state taxability
     to have the system determine the state taxability automatically by matching the security descriptions with the predefined list, abbreviation table, and state names. If you choose 
    Automatically determine state taxability
    , you'll need to choose how to consider unmatched descriptions. They can be considered either 
    State non-taxable
     or 
    State taxable
    .
    If you selected
    Automatically determine state taxability
    , then the checkbox next to
    Show transaction details in the Review Wizard step
     will be selected and grayed out by default. When state taxability is determined automatically, the detailed tax exempt income transaction will always be shown in the Review Wizard.
    Select Automatically determine state taxability then State non-taxable or State taxable
    note
    The ability to automatically determine state taxability begins processing for new binder around Feb 15th of the calendar year.
  5. If you chose to always consider tax exempt income as 
    State non-taxable
     or 
    State taxable
    , you can choose whether you want the transaction details to be shown in the Review Wizard step by either marking or unmarking the
    Show transaction details in the Review Wizard step
     checkbox.
note
When the resident state in the tax return is Texas (TX), Washington (WA), Florida (FL), or Nevada (NV), the Tax Exempt Income step of the Review Wizard will not appear regardless of the settings chosen in
Admin 
>
Tax Return
 >
Tax Exempt Income
 or in the Submission Wizard. For all outsource returns, the state taxability will be automatically determined.
note
In SPbinder, you can select the
Binder Information
 icon i icon to check which tax return options were applied to the binder when it was created.

This article applies to:

  • PRODUCT: SurePrep

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