AGI, QBI Federal st...
 
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AGI, QBI Federal state taxes

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 WTS
(@wts)
Eminent Member Customer
Joined: 2 months ago
Posts: 13
Topic starter  

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?

Thanks!

-WTS-


   
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(@smatthews51)
Member Admin
Joined: 2 years ago
Posts: 424
 

You're missing the fact that this cannot be answered without a corresponding export file. Please send to mail@pralanaconsulting.com.

Stuart


   
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 WTS
(@wts)
Eminent Member Customer
Joined: 2 months ago
Posts: 13
Topic starter  

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%?

Thanks!


   
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 WTS
(@wts)
Eminent Member Customer
Joined: 2 months ago
Posts: 13
Topic starter  

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.

Thanks!

-WTS-


   
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