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Federal input screens

Screen Info - Client Information (1040)

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Overview

Enter information needing to be tracked from year to year as it relates to the preparation of the client's tax return. The Client Carryforward Memos and Checklists Worksheet prints in the Preparer collation only.

Client Carryforward Memos

Items you enter will aid in the preparation of the client's future returns.
General information
Enter descriptive information that's useful to have on hand when preparing the client's return. For example, you could enter directions to the client's home or office.
Record of stock purchases
The Record of stock purchases statement contains all of the fields located in the Schedule of detail statement in the B&D screen, located in the Income folder. Upon closing the
Record of stock purchases
 statement, any item with data in either the
Date Sold
 or
Sales Price
 fields will automatically be transferred to the
Schedule of detail
 statement in the B&D screen and included in the return. You'll be prompted to confirm the transfer of such items upon closing the
Record of stock purchases
 statement. Once transferred, any future modifications must be made in the
Schedule of detail
 statement in the B&D screen.
For additional information about some of the common fields in the
Record of stock purchases
 and
Schedule for detail
 statements, see the help for the
Schedule for detail
 field in the B&D screen.
Record of nondividend & liquidating distributions
The amounts entered here aren't used in the calculation of the return, but will print with the Client Carryforward Memos and Checklists worksheet. The entries will also proforma to the following year for tracking purposes. If it's determined that the distribution amount constitutes a fully or partially taxable event, use the
Schedule for detail
 statement on the B&D screen to record the capital gain/loss information. For more information on when a nondividend or liquidating distribution may be taxable, see IRS Publication 550, "Investment Income and Expenses."
Acquisition costs and other adjustments / Deferred gains from prior sale(s)
Items in the statement proforma from the prior year. Any amounts in the prior year's
Prior year reduction due to debt discharge
 field also proforma to this statement.
Prior year reduction due to debt discharge
Record a reduction to the basis in the taxpayer's principal residence due to a discharge of indebtedness in the prior year. Amounts reported in the
Reduce basis in principal residence
 field on Form 982 using the 982 screen will proforma the following year to this field. Amounts in this field will proforma to the Acquisition costs and other adjustments statement in the following year.
First-time homebuyer credit taken / Tax year first-time... / First-time homebuyer credit recaptured / First-time homebuyer credit, owners...
Enter the amount received, the tax year, and the amount of credit recaptured in which a First-time Homebuyer credit was taken for a home that's no longer the principal residence, or fully recaptured. Enter the other owners of the home in which the First-time Homebuyer credit was taken in the statement. Include the allocation percentages. the Home #1 column should be used for the home that was claimed in a prior year on the 5405 screen. the
Home #2
 column should be used for the home in which information was reported on the second unit of the 5405 screen.
note
The
First-time Homebuyer
 fields will proforma if they were included on the Info screen in the prior year. In addition, if the First-time Homebuyer credit was fully recaptured in the 2012 Individual 1040 application, the fields will be proforma'd automatically. Homes purchased after 2008 have a 36 month holding period in which afterwards, there's no recapture. These homes will transfer to the Info screen after the 3 year holding period has expired. The
First-time Homebuyer credit
 fields are for informational purpose only. The amounts in these fields won't be included in any tax calculation.
Basis in...
Record information that may have future tax consequences. Enter descriptions and amounts that provide you with the information you need to prepare the client's return in the event of a sale, casualty, or theft of an asset.
Gift tax information
Enter the gift year and description, as well as the amount of the gift and/or the amount of unified credit used in that year.
Deceased spousal unused exclusion (DSUE): Taxpayer / Spouse
Record the predeceased spouse's name, SSN, date of death, and DSUE amount. Each year, this information proformas to the next year.
UltraTax/706 shares the DSUE Amount Portable to the Surviving Spouse data as calculated on Form 706, Page 4, to the applicable
Taxpayer
 or
Spouse
 field in the 1040 application.
note
Upon the death of the surviving spouse, the DSUE data from the application is shared with UltraTax/706 for use in Form 706, Page 4 DSUE Amount from Predeceased Spouse(s) section.

Carryforward Checklist

Record information about other issues and documents (such as where documents are filed) that may be relevant to this particular client.
Copies of...
Use the statements attached to these fields to make notes about the documents referred to and/or to record their location.

Other Information

Name and address of personal representative
Enter the name and address of the personal representative of the deceased taxpayer. If required to file Form 1310 Statement of Person Claiming Refund Due a Deceased Taxpayer, and the personal representative is the same person claiming the refund, leave these fields blank and complete the fields on the 1310 screen. If the personal representative information entered is different than the information entered on the 1310 screen, the tax application will use the information entered in these fields on client documents that address the personal representative.

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