Some tax Forms/Schedules need to have multiple copies filed under some circumstances (for example, Schedule C if a taxpayer and spouse have separate businesses).įor tax categories on these Forms/Schedules, the Copy Number is not grayed out and can be used to segregate accounts by copy number.Īccounts: This pane contains the list of accounts. This feature is typically used for interest accounts or stocks or mutual funds that pay dividends where the individual payees are shown on the tax schedule.įor example, if the parent account’s name is the name of your broker and the sub-account’s names are the names of individual stocks that pay dividends and the name on the 1099-DIV received is that of the broker, in order to match that name, you would select ’Parent Account’ the total dividends from the broker would be exported and, if you had several brokers, there would be an amount exported and a subtotal for each broker, along with each brokers name.Īlternatively, if you had a parent account named Directly Held, for example, and below it sub-accounts for one or more stocks, you would receive a 1099-DIV from the issuer of each stock separately and, in order to match that name, you would select Current Account the total dividends from each stock would be exported and, if you had several stocks, there would be an amount exported and a subtotal for each stock, along with each stock’s name as the payer. Report will combine accounts by code and generate a detailed TXF record for each account and a summary TXF record for the total as calculated by the report.įor codes for which the "Payer Name Source" is not grayed, the payer on the TXF record will be based on what is specified here, either the account name of the account or the account name of the account’s parent account. You should not keep, for example, personal and partnership accounts mixed in one GnuCash file if you plan to use the Income Tax Reporting features.Ī given TXF code can be assigned to multiple accounts. It is assumed (and highly recommended) that each GnuCash file is for only one tax entity and this is where you specify its type of tax entity. The tax categories are unique for each Income Tax Entity Type, so changing the type will make all previously assigned categories invalid. While the Income Tax Entity Type can be changed after tax categories have been assigned to accounts, you should be cautioned that you will need to manually change each one if you do so, which could be quite tedious. S Corporation - Files US Form 1120S Tax Return Partnership - Files US Form 1065 Tax ReturnĬorporation - Files US Form 1120 Tax Return
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