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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 K-1.

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 associations.

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 Tax Returns

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.

709 Series

The 709 federal package prepares all 4 pages of Form 709.

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