AGI, QBI Federal state taxes
Help! I cant figure out in PRC2022 and 23 why my "first year" FEDERAL AGI is 150% too high, federal tax is 80% too low and QBI is 30% too low.
State taxes would be 30% too high if I don't override the rate in the HOME page.
I didn't have this issue last Nov when baselining PRC2022 against TurboTax 1040 for 2021. Even depreciation what close enough.
What the hack am I missing?
You're missing the fact that this cannot be answered without a corresponding export file. Please send to email@example.com.
Before it gets to that I need to make sure its not something silly on my part.
Realizing its highly dependent on each individuals situation and accuracy of inputs 😊 , in general, how accurate should one expect PRC to model taxes? +-5%? 10%?
Had a Aha! moment
By modifying the asset class taxation and depreciation settings 7 out of 8 values are now within 10% of expectations
Federal income tax is the only remaining outlier at 58% too low. See attached.
Still chipping away.