Late Filed Returns (LATE Screen)
Calculate late federal filing penalties and interest using the Late Screen in Drake Tax.
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Advance CTC payments must be reconciled on the 2021 tax return. Excess advance payment amounts received will be required to be repaid in certain circumstances. To reconcile amounts received for the advance child tax credit, entries must be made on the 8812 screen in Drake Tax 2021.
IRS Form 1099-K, Payment Card and Third-Party Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance.
Enter most retirement income information – such as data related to Roth distributions and rollovers – using the 1099, 8606, and Roth screens. [CC]