CrossLink Federal 1040

Once data has been entered or electronically transferred into the system, CrossLink instantly calculates the return with the fastest engine in the business.

CrossLink instantly processes data with a single keystroke, so you can check the results of your entries, see any changes automatically re-calculated in other forms and schedules, and get instant diagnostics.

In-Depth Calculations

CrossLink's in-depth tax calculations allow you to prepare the most complicated tax returns with confidence and ease. The following is a list of the various automatic tax calculations performed by the CrossLink program.

• Business use of home for Schedules A, C, E, F, K-1, and Forms 2106/4835
• Consolidated sales of assets
• Child care credit
• Earned income credit
• Standard mileage vs. actual expenses
• IRA, Keogh, SEP and SIMPLE deductions
• Self-employment tax
• Taxable Social Security benefits
• Estimate vouchers and worksheet
• Exception for real estate professionals
• Vacation home limitations and carryovers
• At-risk limitations and carryovers (regular and AMT)
• Related party transactions for installment sales and like-kind exchanges
• Passive credit limitations and carryovers

Comprehensive Depreciation Capabilities

CrossLink's built-in depreciation module manages complex depreciation calculations and transfers depreciation and asset sales information to the form automatically.

• Ten methods for depreciating assets, including four custom methods
• Manages asset calculations on dispositions and asset retirement automatically
• Maintains separate book, tax, and state numbers
• Calculates AMT depreciation automatically
• Associates asset with the appropriate activity
• Captures asset disposal information and automatically transfers it to appropriate lines on Form 1040 4562, 4797, 6252, and 8824
• Calculates prior-year depreciation
• Calculates next-year depreciation for tax planning
• Displays depreciation calculation

Detailed Supporting Statements

The CrossLink system provides detailed supporting statements and audit trails to ensure complete accuracy when working on a return.

Other Features

• Comprehensive diagnostics that check for omissions and inconsistencies
• Detailed statements, including net operating loss, general business credits, contributions, carryforwards and carrybacks - historically, by year.
• Two year tax comparisons that highlight differences between current and prior year tax returns, including Schedules C, E, and F.
• Pass-through entities recap statement