1040 Federal tab

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Use this tab to enter interest rates and setup information for the UltraTax/1040 federal application. From this dialog, you can also open other windows and dialogs in which you can modify default client documents, set invoice prices, modify the default print conditions for input screens and returns, and enter more 1040-specific information.

To open this tab, choose Setup > 1040 Individual and click the Federal tab.

Note: Depending on your security configuration, you might be prompted to enter the master password before you can open the tab for an entity type.

Fields & Buttons

Interest rates group box

Interest rates

The rates known at the time of shipment are displayed. To change the rate for any of the displayed periods, click the appropriate field and enter the new rate as a whole number. For example, enter 5 for 5 percent.

Document format group box

Separate pages for Transmittal Letter and federal and state Filing Instructions

Click this option to have UltraTax CS print a transmittal letter for each client and separate filing instructions for each federal and state return. Note that this option is marked by default.

Notes

  • To combine the transmittal letter and all filing instructions (federal and state) into one document in letter format, click the Combine Transmittal Letter and Filing Instructions in letter format option.
  • To print a separate transmittal letter, but combine the federal and state filing instructions, click the Separate Transmittal Letter, but combine federal and state Filing Instructions option.

Separate Transmittal Letter, but combine federal and state Filing Instructions

By default, UltraTax CS prints a transmittal letter for each client and separate filing instructions for each federal and state return. Click this option to have UltraTax CS print a separate transmittal letter for each client, but combine the federal and state filing instructions into one document in letter format.

Notes

  • If you select this option, the Filing Instructions button in all state tabs is replaced with an Instructions Insert button, which you can click to view or edit the state's filing instructions.
  • The state filing instructions are included with the federal instructions at print time but are represented only by a {State Instructions Insert} variable when you click the Filing Instructions button in the Federal tab. You must use the Instructions Insert button in the state tab to view or edit the state instructions before printing.

Combine Transmittal Letter and Filing Instructions in letter format

By default, UltraTax CS prints a transmittal letter for each client and separate filing instructions for each federal and state return. To combine the transmittal letter and all filing instructions (federal and state) into one document in letter format, click this option.

Notes

  • See Filing Information FAQ (1040) "Why aren't the federal and state filing instructions combined even though a document format option to combine them is selected?" for situations that do not combine even when this option is selected.
  • If you click this option, the Filing Instructions button in the Federal tab is disabled because the federal filing instructions will be included in the transmittal letter. Click the Transmittal Letter button to view or edit the federal filing instructions that are contained within the letter.
  • If you click this option, the Filing Instructions button in all state tabs is replaced with a Letter Insert button, which you can click to view or edit the state's filing instructions.
  • The state filing instructions are included in the combined transmittal letter at print time but are represented only by a {State Instructions Insert} variable when you click the Transmittal Letter button in the Federal tab. You must use the Letter Insert button in the state tab to view or edit the state instructions before printing.

Additional information group box

New Client Options button

Click this button to open the New Client Options dialog in which you can set return presentation, estimates, and other options that will apply to all 1040 clients subsequently added to UltraTax CS.

Note: For clients whose data was converted from another tax application, the options set in the New Client Options dialog when you first open the client will apply. These options will also affect state returns, as applicable. For example, marking the Print Tax Projection Worksheets checkbox not only tells UltraTax CS to produce the federal Tax Projection Worksheet for new and converted clients - it also tells the application to print the state Tax Projection Worksheet for any resident or nonresident state that is processed.

Other Return Options button

Click this button to open the Other Return Options dialog, which you can use to set various general and return presentation options for all 1040 clients.

Note: Marking the Include taxpayer daytime telephone number: Signature blocks and Non-signature blocks checkboxes in the Return Presentation tab affects the presentation of the federal return, as well as the presentation of the applicable state return.

Bank Products button

Click this button to open the Bank Products dialog, which you can use to enter amounts for fee deduction and enrollment information.

Documents group box

Letters & Emails button

Click this button to open the Transmittal Letters dialog from which you can open the Document Editing window. In this window, you can add up to five new transmittal letters, or edit the transmittal letters provided with this application.

Note: In the Organizer tab, this button is called the Letters & Emails button, and is used to edit the Client Organizer cover letter. The Organizer tab appears only if you installed the 1040 Client Organizer and chose 1040 Individual from the Setup menu.

Filing Instructions button

Click this button to open the Filing Instructions dialog from which you can open the Document Editing window. In this window, you can edit the filing instructions provided with this application.

Notes

  • This button is disabled if you selected the Combine Transmittal Letter and Filing Instructions in letter format option in the Document format group box on the Product Information tab.
  • You can modify the filing instructions provided with UltraTax CS, however, you cannot delete those filing instructions or create new filing instructions.

Invoice button

Click this button to access either Text and Format Options for invoices or Pricing for invoices. Click Text and Format Options to open the Invoices dialog, from which you can open the Document Editing window. In this window, you can create up to five additional invoices for each product, edit the invoice provided with this product, and choose invoice formatting options. Click Pricing to open the Invoice Pricing dialog in which you can enter an amount to charge per form or item, including source documents processed, for this product.

Note: You can override the prices set in the Invoice Pricing dialog on a client-by-client basis. To do so, open the desired client, choose View > View/Customize Invoice, and click the Close button. The Custom Invoice Amounts dialog opens, in which you can specify custom amounts for that client.

Tax Elections button

Click this button to open the Elections dialog from which you can open the Document Editing window. In this window, you can edit the tax elections provided with this application or add more elections. For more information, see Tax elections.

Slipsheets button

Click this button to open the Slipsheets dialog from which you can open the Document Editing window. In this window, you can edit the slipsheets provided with this application.

Note: You can modify the slipsheets provided with UltraTax CS, however, you cannot delete those slipsheets or create new slipsheets.

Collation group box

Input Screens button

Click this button to open either the Input Screen Printing dialog or the Data Entry Display dialog. You can use the Input Screen Printing dialog to change the default print conditions of this application's input screens, and you can use the Data Entry Display dialog to configure the order and visibility of input screens and folders for a specific entity.

Notes

  • You can override the collation set in the Input Screen Printing dialog on a client-by-client basis by choosing File > Print Returns, clicking the Input Screens option, and then clicking the Options button.
  • In the Organizer tab, click the Data Entry button to open the Data Entry display dialog to configure the order and visibility of Client Organizer input screens and folders.

Tax Return button

Click this button to open the Return Collation dialog. In this dialog, you can change the default print collations for returns processed with this application or for the Client Organizer package.

Notes

  • You can override the collation set in the Return Collation dialog on a client-by-client basis by choosing File > Print Returns, and then clicking the Options button.
  • In the Organizer tab, this button is called the Organizer button and is used to change the default print collations of the Client Organizer package. The Organizer tab only appears if you installed the 1040 Client Organizer and if you chose 1040 Individual from the Setup menu. You can override the Client Organizer collation on a client-by-client basis by choosing File > Print Organizers and then clicking the Options button.

Other fields & buttons

Extensions button

Click this button to open the Extensions dialog in which you can: select the reply address for all extension correspondence; choose to print the preparer's name on Form 4868; elect to include projected estimated tax penalties in the balance due on extension; and create electronically filed extensions without calculating tax liability or payment amounts.

Notes

  • The options selected in this dialog are global and will be applied to all new and converted 1040 clients.
  • To override the reply address for extension correspondence on a client-by-client basis, select an address for an open client in the Address for extension correspondence field in Screen Ext, located in the Payments folder.

Watch Fields button

Click this button to open the Watch Fields dialog, which you can use to modify or remove existing watch fields or their descriptions. You can also restore the default watch fields and descriptions using the Watch Fields dialog.

Note: You cannot add new watch fields using the dialog opened by this button. To add new watch fields, right-click the desired field in form view and choose Watch Field from the context menu.

Client Complexity button

Click this button to open the Client Complexity dialog, which you can use to define your own custom complexity values for specific returns, forms, and schedules. You can also set custom complexity values or other aspects of a client's tax return, such as the number of shareholders, partners, or assets included in the return. Note that UltraTax CS includes default values for all of these factors. This dialog is provided for you to override those defaults with your own custom values, if desired.

Note: Values set in the Client Complexity dialog can be altered or overridden on a client-by-client basis on Screen 1040 in the General folder.

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