FEDERAL TAX PACKAGES
Drake Software is a comprehensive, all-in-one set
of tax programs for professionals. Included are both
the 1040 tax software and the tax software for business
returns: Forms 1040, 1040NR, 1041, 1065, 1120, 1120S,
706, 709, 990, and 990PF. Our professional tax suite
makes your purchase decision very simple. There are
no separate modules to buy – everything you need is
included for one low price.
No matter what type of return you’re preparing, Drake
allows you to enter data swiftly
and intuitively, and to quickly calculate and print
your return. Data entry and
program features are essentially the same across all
packages, so there is no new
software to learn.
Returns can be stored in PDF format, so you can e-mail
the return to your client.
Drake Document Manager
keeps your electronic documents
organized, helping you transition to a paperless office.
Federal Fact Sheets
Form 1040 Series – Individual Tax Returns
Drake’s 1040 tax software includes more than 300
forms, schedules and worksheets.
You can prepare Form 1040EZ, 1040A, or 1040.
Includes all states that levy a personal income tax.
E-filing is included, and you
can transmit federal and related states together or
separately, if necessary and
allowed by the state.
Form 1065 Series – Partnership Tax Returns
Our tax prep software for partnership returns includes
more than 70 forms, schedules and worksheets, allowing
you to prepare the informational Form 1065 return
and the partners’ Schedule K-1s.
Items from Schedule K are automatically carried to
the Schedule K-1 and partner
basis worksheets, and prorated among partners based
on their ownership percentage.
If partnership interests are transferred during the
tax year, you can indicate the
appropriate sharing percentage. All auto-calculated
amounts can be overridden to
allow accounting for items allocated outside of ownership
percentage. A comparison
of Schedule K to Schedule K-1 allows for an easy reconciliation
of the two schedules.
A client instruction letter (filing instructions)
can be prepared for the partnership,
for every partner, or for both. Drake also allows
you to keep track of the adjusted
basis for each partner.
All 48 states requiring a partnership return are included.
Drake includes e-filing
of the federal Form 1065, as well as for Michigan
SBT and Massachusetts. More states
will be added as they begin to accept
e-filed partnership returns.
Form 1120S Series – S Corporation Tax Returns
Our business tax prep software for S corporation returns
includes more than 60 forms, schedules, and worksheets,
allowing you to prepare 1120S returns and Schedule
K-1s for shareholders. The Schedule K-1s are easily
exported to the shareholder's 1040 return, eliminating
double data entry.
This package automatically carries items from Schedule
K to the Schedule K-1s and
prorates among shareholders based on the number of
shares owned. If shares are transferred
during the tax year, Drake can calculate the correct
percentage based on the days
held by each shareholder. For any items that should
not be prorated based on shares,
you can override the distribution for each Schedule
It is easy to prepare a client instruction letter
(filing instructions) for the
corporation, for every shareholder, or for both. Additionally,
Drake lets you keep
track of the adjusted basis for each shareholder.
The software includes all states that require a return
for an S corporation. Massachusetts
and Michigan SBT can now be e-filed.
Form 1120 Series – Corporate Tax Returns
Drake’s 1120 Series package includes more than 80
forms, schedules, and worksheets,
allowing you to prepare Form 1120, 1120-C, and 1120
state returns for all states
that require a return for corporations. Form 1120X
is available for amended returns.
You can also prepare Form 1120-H returns for homeowners
Drake also includes e-filing for federal 1120 returns,
as well as for Kansas, Massachusetts,
Michigan SBT, and Wisconsin.
Form 1041 Series – Estate and Trust Tax Returns (Fiduciary)
Our 1041 package includes more than 75 forms, schedules
and worksheets, allowing
you to prepare both simple and complex trust returns.
You can prepare any of the
nine types of 1041 entities.
A client instruction letter (filing instructions)
can be prepared for the estate,
for every beneficiary, or for both.
All 46 states that require a return for an estate
income tax are included. E-filing
is available for the federal return and for Massachusetts.
Form 990 Series – Exempt Organization Tax Returns
Our 990 Series package includes the forms, schedules
and worksheets for preparing
the following returns:
- Form 990
- Form 990-A
- Form 990-B
- Form 990-EZ
- Form 990-N
- Form 990-PF Return of Private Foundation
- Form 990-T
- California Form 199
- New York forms CHAR500 and CHAR500-C
Form 706 Series – Estate and Generation Skipping Transfer
Our 706 Series package includes more than 50 forms,
schedules and worksheets for
Form 706. The package also includes California, Florida,
Maine, Massachusetts, New
Jersey, New York,Texas and Wisconsin.
The 709 federal package prepares all 4 pages of Form