Professional Editions – Accessing and Entering Worksheets In Program
Desktop
You can access worksheets in TaxAct Professional Editions as a form in the Forms Explorer. See Entering in Program – Fillable Forms for detailed instructions.
- Click Forms to open the Forms Explorer.
- Click Worksheets to expand the list and select the appropriate worksheet.
If an Unable to open form directly pop-up appears, it will have a list of forms that you still need to enter your data into first.
TaxAct Online
You can access worksheets in TaxAct Online through the Print Center. See Printing Your Return and Individual Forms for detailed instructions.
- From within your TaxAct return, select Print Center from the left side menu.
- Click Custom Print from the drop-down menu and select the form.
- Click Print. A pop-up will appear with a link to view/print the worksheet.
Worksheets
Common worksheets include:
- Form 1040 Taxable Pensions and Annuities – Simplified Method Worksheet– Shows the calculation of the taxable amount from entries made in the retirement income section.
- State Sales Tax Worksheet – Calculates the General Sales Tax deduction on Line 5 of Federal Schedule A (Form 1040) Itemized Deductions (if you see this box checked on your Schedule A that indicates you are taking that deduction on your return).
- Form 1116 – Foreign Tax Credit Worksheet – If you figured your tax using the lower tax rates for qualified dividends or capital gains, Line 18 of Federal Form 1116 (Foreign Tax Credit) requires a modified calculation. Rather than using the amount from Form 1040, Line 10a, directly, you may need to adjust that amount according to the IRS Instructions for Form 1116 (page 21). TaxAct automatically makes these adjustments as part of the Foreign Tax Credit calculation.
- The IRA Contribution Summary – For entering amounts you have or will contribute to an IRA.
- The Traditional IRA – Deductible Contributions Worksheet – For the calculation of the allowable deductible traditional IRA.
- The Roth IRA Contribution Worksheet – For the calculation of the allowable Roth IRA.
- Vacation Home Limitation Worksheet View Worksheet – Shows the calculation for rental expenses allowed on Schedule E (Form 1040) Supplemental Income and Loss when the rental property is used for both rental and personal purposes. The worksheet also calculates and tracks the amount of Operating Expenses and Depreciation allowed to be carried over to the following year’s return due to this calculation.
- Form 1040 Taxable Social Security – Social Security Benefits Worksheet 1 – This worksheet is based on the worksheet in IRS Publication 915 Social Security and Equivalent Railroad Retirement Benefits. As your gross income increases, a higher percentage of your Social Security benefits become taxable, up to a maximum of 85% of your total benefits. The TaxAct® program will automatically calculate the taxable amount of your Social Security income (if any).
- Form 2106, Sch. F or K-1 Business Use of Home – Employee, Farmer, or Partner Business Use of Home Worksheet – Shows the expenses used to calculate the total amount on Form 2106 Employee Business Expenses, Line 4 or Schedule F (Form 1040) Profit or Loss From Farming, Line 32.