Triva isn't available right now.
Check out the support page for our phone number and hours
Screen Elect - Elections (1040)
Show all hidden content
Overview
Use this screen to specify which election statements to print with the return. A list of additional tax elections, organized by IRC section with corresponding screen links, is also provided. For a complete list of all elections included in the application, see Tax elections FAQs (1040).
A custom paragraph may be included in the filing instructions to inform the taxpayer to sign and date certain elections being filed with the return. To select this custom paragraph on a client basis, select custom paragraph
Signature Elections (FI)
from one of the Paragraph Description
fieldviews in the Letter screen. To select this custom paragraph to print for all clients when applicable, choose Setup and then 1040 Individual, select the Letters & Emails button in the Federal tab, select the Custom Paragraphs tab, and mark the Signature Elections (FI)
box. For additional information, see Custom paragraph FAQs.Election Statements
Use this section to choose election statements to attach to this client's return. The application comes with predefined election statements that you can use as they are, or customize for your specific needs. You can also create new election statements. To create and edit election statements, choose Setup, 1040 Individual, and then Tax Elections. For more information, see Editing or creating tax elections.
note
The application automatically adds the printed text from the election statements into the electronic file in the Elections Statement portion of the efile.
Election Description
Enter the description that corresponds to the election statement required for this client, or select the election in the
Election Description
field. The application prints up to ten election statements with the client's return.note
The application automatically proformas the following elections to the current tax year when selected on the Elect screen in the prior year.
- Capitalize Repair and Maintenance Costs (Reg. 1.263(a)-3(n))
- De Minimis Safe Harbor (Reg. 1.263(a)-1(f))
An FYI diagnostic is produced when proforma’d election information is present. If the election does not apply for the current tax year, remove the election number from the screen.
Note that the application includes election fields in several input screens. If you make an election in the Elect screen, do not make the same election in another screen, as duplicate elections may print.
Screen | Election field |
|---|---|
1040 | Election to file joint return with nonresident alien spouse |
1099R | Elect to recompute variable annuity excl |
1099R-2 | Include NUA in income |
1099R-2 | Request for waiver for penalty due to inadequate minimum required distributions |
4835 | Elect to include CCC loans in income |
4835 | Elect crop insurance deferral to next year |
4835 | Election for Section 451(e) sale of livestock due to weather-related conditions |
4835 | Election for Section 1033(e) deferral of gain on sale of livestock due to weather-related conditions. |
4835 | Small taxpayer safe harbor election (Reg 1.263 (a)-3(h)) |
4835-2 | Aggregation group (Rev. Proc 2010-13 PAL Group Disclosure) |
8283P1 | Elect to apply 50% reduction rule to capital gain property contributions |
8697 | Elect to use the simplified marginal impact method |
8697 | Elect Sec. 460(B)(6) to not apply the look-back method to long-term contracts |
A | Elect to capitalize carrying charges |
A | Elect to deduct decedent's medical expenses |
ACA Tax | Elect to recognize CFC/QEF investment income concurrently with regular income |
B&D | Elect to determine fund basis using average basis |
B&D | Elect to recognize current income on noninterest-bearing discount bonds |
C-2 | Elect to capitalize carrying charges |
C-2 | Small taxpayer safe harbor election (Reg 1.263 (a)-3(h)) |
C-3 | Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure) |
Cr | Elect to use exchange rate on date paid |
Ext | Out of the country on 4/15/14 |
F | Elect crop ins deferral to next year |
F | Elect to include CCC loans in income |
F | Election for Section 451(e) Sale of livestock due to weather-related conditions |
F | Election for Section 1033(e) deferral of gain on sale of livestock due to weather-related conditions. |
F-2 | Elect to capitalize carrying charges |
F-2 | Small taxpayer safe harbor election (Reg 1.263 (a)-3(h)) |
F-3 | Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure) |
Income | Elect to include value of restricted property in income in year of transfer |
K1 | Code Section 751 Elections |
K1-7 | Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure) |
MortgInt | Elect out of treatment as debt secured by qualified residence |
1045 | Elect to relinquish carryback of NOL incurred during the current tax year |
Rent | Elect to capitalize carrying charges |
Small taxpayer safe harbor election (Reg 1.263 (a)-3(h)) | |
Rent-2 | Aggregation group (Rev. Proc. 2010-13 PAL Group Disclosure) |
SBasis1 | Regulation 1.1367-1(g) election |
SSA-1099 | Lump sum Social Security benefits |
Additional Tax Elections
Use this section to locate the source of data entry for other tax elections available in the application. Since many tax elections are activity-specific, and require additional details, the elections statements are associated to a particular input screen. Select the corresponding link in this section to access the data entry for the specified election, and enter additional detail where a statement is provided.
Election History & Election Report
The application automatically retains an election history for clients who previously filed an election statement in the prior year. A detailed Election Report is also available for printing, if desired.
Election history
Use the attached statement to record details about the elections taken in prior years. The statement includes the following fields.
- Description:Enter a brief description of the election taken.
- Tax Year:Enter the tax year the election was taken.
- Effective Period:Enter the election's effective period. Some elections are perpetual, while others only cover the tax year taken.
- Comments:Enter any additional information about the election. For example, enter information about an election that was revoked.
note
- To view a table of elections and corresponding election numbers, see Tax elections FAQs and select "How do I view the contents and summaries of all tax elections included in UltraTax CS/1040?"
- To print an election report, enterXin thePrint election reportfield in the Elect screen, located in the Elections folder.
- Prior year election information proformas to theElection Historystatement.
- Non-activity-based elections are in theElection Historystatement in the Elect screen, located in the Elections folder. Activity-basedElection Historystatement are in the follow locations.ScreenFolder1099RRetirement4835-2Farm RentalC-3BusinessF-3FarmRent-2Rent & Royalty8697, ACA TaxTaxesK1-7K1 1065, 1120SMortgIntItemized
Print election report
Enter
X
in this field to print a detailed report of all elections included with the client's return. The Election Report generates information for both current year elections, and any prior year elections contained in all Election History statement.