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Generating Schedule R in Lacerte

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Intuit

Generating Schedule R in Lacerte

How do I generate Schedule R- Credit for the Elderly or the Disabled?

Solution:

Lacerte will automatically generate the Schedule R for an Elderly Taxpayer/Spouse if they meet the qualifications per the Schedule R instructions (Schedule R, Part I, Boxes 1, 3, 7, or 8):

  • The Taxpayer (or Spouse, if filing jointly) must be age 65 or older at the end of the Tax Year.
  • The Taxpayer (and Spouse, if filing jointly) must meet the Income Limits for the Filing Status (see page 2 of the Schedule R form instructions).

To generate the Schedule R for a disabled Taxpayer/Spouse that received a 1099-R (Schedule R, Part I, Boxes 2, 4, 5, 6, or 9):

  1. Go to Screen 13.1, Pensions, IRAs.
  2. Enter the information from the 1099-R received.
  3. Scroll down to the Other Information section.
  4. Check the box Report taxable amount on Schedule R (amount flows to Schedule R, Part III).
  5. Check the box Report taxable amount as wages (pre-retirement age) (if applicable) (amount flows to Schedule R, but also shows as wage income instead of pension income).
  6. Go to Screen 38.2, EIC, Residential Energy, Other Credits. (Screen 39 in 2013 and prior years.)
  7. Scroll down to the Elderly Credit (Schedule R) section.
  8. Enter any Nontaxable pensions, annuities, disability (13b) (if applicable).
  9. Check the box, Filed physician disability statement in prior year (if applicable).

If e-filing:

  1. Enter the Date of retirement due to disability
  2. Enter a 1 or 2 in, 1= disability will last at least 1 year, 2= disability permanent

Notes:

  • Income Limits still apply per the Schedule R form instructions for the Filing Status.
  • Schedule R will only generate (show in bold on the Forms tab) if a credit is applicable on Schedule R, line 22. If line 19 is zero or less, the credit cannot be taken.
To override and force the credit:
  1. Go to Screen 38.2, EIC, Residential Energy, Other Credits.(Screen 39 in 2013 and prior years.)
  2. Scroll down to the Elderly Credit (Schedule R) section.
  3. Enter an amount in Schedule R [O].

This entry overrides the automatic calculation of Schedule R. You must manually prepare and attach Schedule R for amounts entered. The amount entered prints on Form 1040, page 2.  You may also enter a -1 here to suppress the Schedule R if desired.

Other overrides on Screen 38.2:
  • Taxable disability income of disabled (11) [O] - This entry overrides disability income entered on Screen 13.1, Pensions, IRAs. Enter in the appropriate input fields the taxable disability income for the taxpayer or spouse when either was totally and permanently disabled. The program carries these amounts to Schedule R, page 2 and checks the applicable filing status and age boxes on Schedule R, Part I.
  • Nontaxable social security (&tier 1 RRB) (13a) [O] - The program carries the nontaxable portion of Social Security Benefits entered in Social Security Benefits (SSA-1099, box 5) (Screen 14, codes 2, 52) to Schedule R. Enter an amount to override the automatic calculation of nontaxable Social Security benefits on Schedule R only.

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