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Individual Returns

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

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8915 F 2020 Coronavirus Distributions for 2021 Tax Returns
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.
Advanced Child Tax Credit
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.
Affordable Health Care Act
Learn how Minimum Essential Coverage, exemptions, and the Individual Shared Responsibility Payment impact tax preparation.
Amended Return
Prepare amendments to tax returns using the Data Entry menu to access the 1040X Amended Return screen.
Business Code Search
Quickly find business codes in Drake Tax.
Calculating QBI for K-1 Income
Calculate the qualified business income (QBI) deduction for income deriving from 1065 and 1120S income reported on Schedule K-1.
Calculating QBI for Schedule C income
Calculate the qualified business income (QBI) deduction for income deriving from Schedule C.
Calculating QBI for Schedule E Income
Learn to compute the qualified business income (QBI) deduction for income originating from Schedule E.
Car & Truck Expenses
Learn how to enter expenses for automobiles used in trade or business.
Charitable Contributions Carryovers
Track excess Charitable Contributions to carry forward.
Child and Dependent Care
Enter expenses related to child and dependent care on Screen 2 and Screen 2441 for each dependent for whom expenses were incurred.
Computing Taxable State Refund with AMT
Calculate the taxable portion of the state refund carry to next year's return when the taxpayers is subject to AMT.
Direct Deposit
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.
Disaster Relief for 2020
Use Form 8915-E to report distributions due to Coronavirus and other disasters.
Electronic Funds Withdrawal
Use the PMT screen to set up automatic fund withdrawal by the IRS, state, and some city departments of revenue.
Entering Multi-State W-2
Use the Additional Entries tab to report data exceeding the four fields provided on the W2 screen or school district wages in withholding.
FAFSA Worksheet
The Drake Tax FAFSA Worksheet helps your clients collect information needed when filing for federal student aid.
Foreign Tax Credit, Form 1116
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.
Form 1040-SR
Learn how to generate and suppress Form 1040-SR in Drake Tax.
Form 1099K
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.
Form 2106 - Employee Business Expenses
Beginning in 2018 the previous federal deduction for employee business expenses reported on Form 2106 has been suspended unless the taxpayer meets certain criteria.
Form 3903 - Moving Expenses
Beginning January 1, 2018, the federal deduction for job-related moving expenses has been eliminated, except for certain military personnel.
Form 5405 - Sale of Primary Residence
Easily track repayment of the Home Buyer’s Tax Credit by entering data into Form 5405 on the Home screen.
Generating Estimated Payment Vouchers
Drake Tax automatically generates estimated tax payment vouchers for federal returns without requiring any data entry.
Group Sale
Allocate the sales price and expenses from a group sale of assets easily.
Identification Screen (IDS Screen)
Due to IRS Security Summit initiatives designed to help prevent identity theft, the IDS screen is required on every individual return for e-file.
Installment Sale
Entering an installment sale in Drake Tax
Late Filed Returns (LATE Screen)
Calculate late federal filing penalties and interest using the Late Screen in Drake Tax.
PDF Attachment
Electronically attach PDF files to Form 1040 and other specific tax forms.
PINs
Review the setup and data entry required for using a PIN signature.
Recovery Rebate Credit (Economic Impact Payment) 2020
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.
Recovery Rebate Credit (Economic Impact Payment) 2021
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.
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.
SALT Limitation
Drake Tax's SALT Limitation Worksheet breaks down the deductions for the $10,000 State and Local Tax Deduction.
Self-Employed Health Insurance Deduction
Medical, dental, and long-term care deductions are available to people who are self-employed.
Split a Return
The Split feature in the Data Entry menu helps you easily split returns for federal or state purposes.
STEX screen
Learn how to prepare some or all of your state extensions, by using the STEX screen.
Temporary ITIN
Creating a return with a temporary ITIN.
Virtual Currency
Answer the virtual currency question on Forms 1040 and 1040-SR
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