Forms We Process

FORMS WE PROCESS

Key Tax Forms and Data Extraction

You can upload tax returns and firm data to TruePrep to get back more insightful and personalized responses.

We’re constantly adding to this list of forms we process, so check back or email us if there’s a form you really need.

Here’s a detailed breakdown of various tax forms, their types, and the data associated with them for TruePrep.

At a high level, we support forms 1040, 1120, 1120S and 1065 today. And we have 90% of the forms on a 1040 where much of the advising work is done. We expect to add 1041s later this year and support for additional forms like K-1, K-2, K-3 and more.

Proprietary Firm Data

Upload your firm’s own documentation (e.g. employee handbook, code of conduct, or Standard Operating Procedure documents) to allow TruePrep to reference them in its responses to you and your staff.

Please note that uploaded firm data must be a PDF. You can view your uploaded firm data in the “Documents” tab of “Clients & Documents”

Forms 1120, 1120S, 1065

We pull the main forms - income, expenses and all the major information off of the forms. We also pull supplemental depreciation schedules.

Form 1040:

The main individual income tax form used to file annual federal tax returns.

Data Extracted: Comprehensive data is pulled from this form, including all pertinent financial information.

Schedules 1, 2, 3, A, B, C, D, E, F:

These schedules are used to provide additional details that support the information on Form 1040. They cover various aspects such as additional income, adjustments, credits, and deductions.

Data Extracted: Most data from these schedules is captured to ensure a complete tax picture.

Forms with Data Extraction

Form 8995-A:

Purpose: Used for claiming the Qualified Business Income Deduction.

Data Extracted: Data is pulled to ensure the deduction is properly applied.

Form 4562:

Purpose: Used to claim depreciation and amortization.

Data Extracted: Data is pulled to track depreciation and other related deductions.

Forms with Classification Only (No Data Extracted)

Form 8949:

Purpose: Used for reporting sales and other dispositions of capital assets.

Data Extracted: Data is not pulled, but the form is classified for record-keeping.

Form 2441:

Purpose: Used to claim a credit for child and dependent care expenses.

Data Extracted: Data pulled from 1040 and the form is classified.

Form 8959:

Purpose: Used to calculate the Additional Medicare Tax.