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Tax Return options overview

Tax exempt income

You can choose the settings for Tax Exempt Income allocation for state purposes. Follow these steps to configure Tax Exempt Income options. 
  1. Go to
    FileRoom
     >
    Admin
     >
    Tax Return
    .
  2. On the location dropdown, select the office location. The tax return option changes will apply to the selected office location.
  3. Go to the
    Tax Exempt Income
     section.
  4. By default, 
    State non-taxable
     is selected. When this's chosen, all tax exempt income will be considered State non-taxable.
    Select  
    State taxable
     if you want all tax exempt income to be considered State taxable.
    elect
    Automatically determine state taxability
     to have the system determine the state taxability automatically by matching the security descriptions with the predefined list, abbreviation table, and state names. If you choose 
    Automatically determine state taxability
    , you'll need to choose how to consider unmatched descriptions. They can be considered either 
    State non-taxable
     or 
    State taxable
    .
    If you selected
    Automatically determine state taxability
    , then the checkbox next to
    Show transaction details in the Review Wizard step
     will be selected and grayed out by default. When state taxability is determined automatically, the detailed tax exempt income transaction will always be shown in the Review Wizard.
  5. If you chose to always consider tax exempt income as 
    State non-taxable
     or 
    State taxable
    , you can choose whether you want the transaction details to be shown in the Review Wizard step by either marking or unmarking the
    Show transaction details in the Review Wizard step
     checkbox.

This article applies to:

  • Product: SurePrep

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