1040-US: Tracking all elections taken by clients in current and prior year

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

How can I track all elections taken by clients in current and prior tax years?

Answer

There are several Election History statements that can be used to track your clients' elections. Each statement contains the following fields.

The Election History statement dialogs are in the following input screens.

Folder Screen
Retirement 1099R
Taxes 8697, ACA Tax
Farm Rental 4835-2
Business C-3
Farm F-3
Elections* Elect*
Rent & Royalty Rent-2
Itemized Deductions MortgInt
K1 1065, 1120 K1-7

* The Election History statement dialog in Screen Elect, located in the Elections folder, is used to track non-activity-based elections.

Information will proforma to the Election History statement dialogs.

An election report is also available for review. To the print the report, enter X in the Print Election Report field in Screen Elect, located in the Elections folder. The report will print the current-year elections and the information contained in all Election History statement dialogs.

Related topic: Tax elections FAQs (1040)

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