Knowledge Base

12090: Make 1040 Elections on the ELEC Screen

1040 Individual

Make 1040 Elections on the ELEC Screen.

To indicate that a return will be taking an “election” described in the IRS code, check the appropriate box on the ELEC screen. For most of the ELEC screen elections, a checked box automatically produces an explanation for that election on an Election page in View/Print mode. After you check an election, go to View and review the Election page. If an explanation does not appear for that election, or if the explanation is not sufficient, complete the SCH screen, selecting E (Election Explanation) from the Type of attachment drop list, and entering the explanation you want.* This produces a separate Election page that is printed and transmitted with the return.

The following elections are available on the ELEC screen.

Form 1040 Form 1045
Sch A - Claim decedent medical expenses Specified liability loss (Drake19 and prior)
Reinvestment of cash from insurance (Drake19 and prior) Farming loss carryback period (Drake19 and prior)
Elect retirement plan contribution sec 1.172-6 Form 1099
Entire cost of annuity contract sec 1.172-9 (Drake19 and prior) Tax-free transfers for cash distributions
Form 4684 - Elect loss from financial institution (Drake19 and prior) 92-44 transfer for sec 403(b) contracts
Form 6251 - SLE 904 limitation to figure AMTFTC Form 1116
Form 8233 - Withhold taxable noncompensatory scholarship (Drake19 and prior)

Election to use exchange rate on date paid
Amount of foreign income tax credit not allowed (Drake19 and prior)
Form 8328 - PAB not subject to volume cap (Drake19 and prior)
Recapture more overall loss than required
Form 8864 - Co-op allocation of agri-biodiesel credit (Drake19 and prior)
Form 6251 SLE 904 limitation to figure AMTFTC
 PTP - Foreign PTP to be treated as U.S. corp (Drake19 and prior) Election to claim FTC without filing Form 1116 (Drake20)
SSA - Lump-sum election (Drake19 and prior) Form 4562
Elective Safe Harbor for oil and gas property Elect to exclude property from MACRS
Qualified revitalization expense deduct/amortize (Drake19 and prior) Tax preference items amortized - no AMT
Nonresident taxed as resident Election not to claim Liberty Zone Allowance (Drake19 and prior)
Form 1040 NR Elect out of 5-yr property Liberty Zone leasehold (Drake19 and prior)
Elect income treated as from U.S. business Form 4797
Schedule B Recognize gain on disposition of intangibles
Include value of restricted stock in gross income Defer gain on qualifying electric transmission
OID - include market discount in current income Rollover gain for Empowerment Zone 60 days
Schedules C, E, F Mark-to-market election for traders
Deduct environmental cleanup costs Form 5329
Deduct up to $5000 business startup costs 5% rate applies to distribution (Drake19 and prior)
Elect to deduct costs for developing a mine Exceptions to qualified retirement plans (Drake19 and prior)
Elect to capitalize carrying charges Form 6252
Real estate taxes ratable accrued Election to pay interest on tax due from 6252
Sec. 1.263 (a) - 1(f) de minimus election Elect out of installment method-report on Sch D (Drake19 and prior)
Sec. 1.263 (a) - 3(n) election NOL (Drake20)
Sec. 1.263 (a) - 3(n)election is made on screen 4562 2019 172(b)(3) Election
Schedule D 2018 172(b)(3) Election
Sales of securities to ESOP, postpone gain Other
Postpone gain on QSB stock (Three fields are available for direct entry)
Rollover gain for Empowerment Zone 60 days
Mark-to-market election for traders
Schedule E
Real estate professional (Drake19 and prior)
Elective Safe Harbor for oil and gas property
Schedule F
Election to deduct preproductive expenses
Elect not to exclude payments
Qualifying forest or reforestation costs
Business startup & organizational costs (Drake19 and prior)
Elect not to claim special depreciation allowance (Drake19 and prior)
Elect to treat tree cutting as sale or exchange
Elect to use 20YY crop disaster payments in 20XX
Farming loss carryback period (Drake19 and prior)
Rental Real Estate Activity
 Sec 469(c)(7)(A) Treat all interests in rental real estate as single rental activity (listed under Schedule E in Drake20)  

 *An example of this might be making a Section 168(i)(6) election, or other code section elections not separately listed on the ELEC screen. 

Some elections are not available on the ELEC screen. For example, a § 83(b) election must be made at the time the stock was awarded. When a § 83(b) election is made, the value of the stock is reported on Form W-2, box 1. There is nothing additional that needs to be done when filing Form 1040. See the IRS guidelines for details. 

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