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10064: 1065/1120/1120S - Elections


Fed Returns Generally

How do I make elections on a business return?
 

Business return elections are made on the ELEC screen (accessible from the Miscellaneous tab of the Data Entry Menu). 

To make a return election, open the ELEC screen and select the type of Election from the Election box then complete all other fields as applicable.  To make multiple elections, press the Page Down key for a new screen. 

Press F1 in any field to learn if a field is required for your selection and the type of information that may be needed. For example, the help text for the Date or year-ending field in an 1120 return shows that the field is required only for election options 08, 09, 11, and 15, and it explains the information that should be entered for each of these elections.

A description of Return Elections is available through the List of Elections link in the upper-left corner of Screen Help (right-click on the screen and select Screen Help).

Once an election is made and the return is calculated, the election information is produced on a statement referenced “Statement #ELXX,” where “XX” is the number of the election. For example, election 01 (General Election Statement) is generated as "Statement #EL01". 

Note: The election will be printed with other statements unless the option is chosen to print each statement on a different page: Setup > Options > Calculation & View/Print > Print Only One Overflow Statement Per Page

 For Tax Year Elections, see Related Links below. 


Related Links


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