Roth Distributions and Rollover
Enter most retirement income information – such as data related to Roth distributions and rollovers – using the 1099, 8606, and Roth screens. [CC]
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Generate the Foreign Tax Credit on Schedule B for foreign-source income that would normally be taxed by both the US and the country from which the income is derived.
If a taxpayer received a coronavirus-related distribution in 2020 and that amount was entered in Drake Tax 2020, information from the 2020 return will update to 2021. If not, enter the 2020 information on the 915F screen in Drake Tax 2021.
Prepare amendments to tax returns using the Data Entry menu to access the 1040X Amended Return screen. [CC]