Drake users

[skhyatt]

I am trying out Drake. My question is, how does Drake allow you to use screen AUTO and still create a form 4562? I have talked to Drake support about this and I'm not sure they know what I'm talking about. The closest thing I got to an answer was one of their techs said that the auto worksheet that is created is meant to be attached to the tax return and that satisfies the 4562 requirement that listed property be reported on 4562.

[DaveinTexas]

I think it has something to do with 4562, part 8

I am trying out Drake. My question is, how does Drake allow you to use screen AUTO and still create a form 4562? I have talked to Drake support about this and I'm not sure they know what I'm talking about. The closest thing I got to an answer was one of their techs said that the auto worksheet that is created is meant to be attached to the tax return and that satisfies the 4562 requirement that listed property be reported on 4562.

I have struggled with this and getting the form 6198 to calculate the at risk basis for S Corp shareholders----ahhh!!!

I fill out the auto worksheet first, figure the business percentage and then carry the percentage over to the 4562. It's a pain, but this is the only way I have found to make it work.

Hope that helps.

[skhyatt]

I fill out the auto worksheet first, figure the business percentage and then carry the percentage over to the 4562. It's a pain, but this is the only way I have found to make it work.

Hope that helps.

I finally got an email from Drake today that basically says it was a bug. They say they are working on it to be corrected in the upcoming version. The workaround that they gave me is basically what you said you do to make it work. Doesn't it feel good when you get an answer that makes you feel like your not totally crazy? I was sure I was doing something wrong and then I wasn't so sure and then........ oh well.

[DaveinTexas]

I think Drake has a few bugs

The one I mentioned is the form 6198. I cannot, for the life of me, get this stupid form to calculate at all. Heaven forbid I have a client with an ordinary loss on his K-1 with no basis to cover the loss.

I guess I will have to break down and call support. The last time I did that, they told me that you couldn't file a schedule E and a K-1 on the same return---Houston, we have a problem.

I like Drake for many reasons, but they must hire some tax pros who are also software developers---do those people exist?

Good stuff. I hope they fix all the bugs.

[skhyatt]

The one I mentioned is the form 6198. I cannot, for the life of me, get this stupid form to calculate at all. Heaven forbid I have a client with an ordinary loss on his K-1 with no basis to cover the loss.

I guess I will have to break down and call support. The last time I did that, they told me that you couldn't file a schedule E and a K-1 on the same return---Houston, we have a problem.

I like Drake for many reasons, but they must hire some tax pros who are also software developers---do those people exist?

Good stuff. I hope they fix all the bugs.

Yes, I agree. They do answer the phone quickly as advertised, but when I have called, more often than not, the person I'm talking to doesn't sound as though he really has a clue. Having said that, I think the same was true for Lacerte the one or two times I had to call them last year. The problem your having with the 6198. If they do know about it, it's probably several layers of support down the chain of command. Hopefully they will fix all the bugs.

[DonPriebe]

But ...

I guess I will have to break down and call support. The last time I did that, they told me that you couldn't file a schedule E and a K-1 on the same return---Houston, we have a problem.

But that is an accurate statement, isn't it? An individual who RECEIVES a K-1 the FILES a Schedule E. Only the entity (partnership, S-corp, trust, etc.) FILES the K-1

[Bees Knees]

But that is an accurate statement, isn't it? An individual who RECEIVES a K-1 the FILES a Schedule E. Only the entity (partnership, S-corp, trust, etc.) FILES the K-1

A 1041 return can file a Schedule E and a K-1 on the same return.

[DonPriebe]

Ok

A 1041 return can file a Schedule E and a K-1 on the same return.

I suppose a partnership or S-corp could also be in the rental business or have income from other entities. I AssUMed he was talking about an individual

[DaveinTexas]

I was referring to an individual

I suppose a partnership or S-corp could also be in the rental business or have income from other entities. I AssUMed he was talking about an individual

What support had said was that there could not be a return with both a K-1 Screen and a Sch E Screen filled out for the same return. I should have mentioned the screen part and not the actual form filed.