Individual Returns

Learn the basics of Drake Tax with these short instructional videos.

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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.
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.
Learn how Minimum Essential Coverage, exemptions, and the Individual Shared Responsibility Payment impact tax preparation. [CC]
Prepare amendments to tax returns using the Data Entry menu to access the 1040X Amended Return screen. [CC]
Quickly find business codes in Drake Tax. [CC]
Calculate the qualified business income (QBI) deduction for income deriving from 1065 and 1120S income reported on Schedule K-1. [CC]
Calculate the qualified business income (QBI) deduction for income deriving from Schedule C. [CC]
Learn to compute the qualified business income (QBI) deduction for income originating from Schedule E.
Learn how to enter expenses for automobiles used in trade or business.
Track excess Charitable Contributions to carry forward. [CC]
Enter expenses related to child and dependent care on Screen 2 and Screen 2441 for each dependent for whom expenses were incurred.
Calculate the taxable portion of the state refund carry to next year's return when the taxpayers is subject to AMT. [CC]
The DD screen allows you to set up direct deposit into a taxpayer’s account by the IRS, state, and some city departments of revenue. [CC]
Use Form 8915-E to report distributions due to Coronavirus and other disasters.
Use the PMT screen to set up automatic fund withdrawal by the IRS, state, and some city departments of revenue.
Use the Additional Entries tab to report data exceeding the four fields provided on the W2 screen or school district wages in withholding. [CC]
The Drake Tax FAFSA Worksheet helps your clients collect information needed when filing for federal student aid. [CC]
Drake Tax offers screen-level and field-level help options in data entry, to explain the uses for certain screens and fields, what data is expected in a field, and how to find more information through links or IRS references. [CC]
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.
Learn how to generate and suppress Form 1040-SR in Drake Tax.
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.
Beginning in 2018 the previous federal deduction for employee business expenses reported on Form 2106 has been suspended unless the taxpayer meets certain criteria. [CC]
Beginning January 1, 2018, the federal deduction for job-related moving expenses has been eliminated, except for certain military personnel. [CC]
Easily track repayment of the Home Buyer’s Tax Credit by entering data into Form 5405 on the Home screen.
Drake Tax automatically generates estimated tax payment vouchers for federal returns without requiring any data entry. [CC]
Have you ever had needed to make multiple entries for the same data entry screen? Grid data entry can make entry simple allowing you to type information into a spreadsheet, resulting in faster data entry. [CC]
Allocate the sales price and expenses from a group sale of assets easily. [CC]
Due to IRS Security Summit initiatives designed to help prevent identity theft, the IDS screen is required on every individual return for e-file. [CC]
Entering an installment sale in Drake Tax
Calculate late federal filing penalties and interest using the Late Screen in Drake Tax.
Electronically attach PDF files to Form 1040 and other specific tax forms. [CC]
Review the setup and data entry required for using a PIN signature. [CC]
Learn how to use screen RRC to calculate any available Recovery Rebate Credit (Economic Impact Payment) that the taxpayer might be entitled to on the 2020 tax return.
Learn how to use screen RRC to calculate any available Recovery Rebate Credit (Economic Impact Payment) that the taxpayer might be entitled to on the 2021 tax return.
Drake Tax alerts tax preparers of required fields in tax returns. [CC]
The right-click menu in Drake Tax provides additional options for help, shortcuts, and additional functions. [CC]
Enter most retirement income information – such as data related to Roth distributions and rollovers – using the 1099, 8606, and Roth screens. [CC]
Drake Tax's SALT Limitation Worksheet breaks down the deductions for the $10,000 State and Local Tax Deduction. [CC]
Medical, dental, and long-term care deductions are available to people who are self-employed. [CC]
The Split feature in the Data Entry menu helps you easily split returns for federal or state purposes. [CC]
Use this three-year state tax comparison to help taxpayers understand differences between the current and preceding year state tax returns. [CC]
Learn how to prepare some or all of your state extensions, by using the STEX screen. [CC]
Creating a return with a temporary ITIN. [CC]
With just a few simple keystrokes, you can toggle between data entry and the associated form in View mode. [CC]
Answer the virtual currency question on Forms 1040 and 1040-SR
Import assets from a spreadsheet into Drake Tax to save time and improve accuracy. [CC]
The Schedule D import tools give users an alternative to manually entering information from Form 1099B. CC Linkage "[CC]"
Quickly import transactions from Form 8949 using the 8949 Import tool. [CC]
Export parent data to a child’s form using the 8615 feature.
The Filing deadline for Forms 1040, 1120, and 1041. If more time is needed, file an extension of time to file.
The DOCs screen in Drake Tax helps with the data entry of various 1098 and 1099 forms. [CC]
Learn how to use the Due Diligence screens in Drake.
Review the EIC troubleshooting notes to discover why a return has no EIC value calculated.
For information on common frequently asked questions review the FAQ screens within Drake Tax. [CC]
Use links in Drake Tax to quickly access TheTaxBook WebLibrary.
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