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-
You're missing the fact that this cannot be answered without a corresponding export file. Please send to mail@pralanaconsulting.com.
Stuart
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!
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-
@wts It calculates federal taxes precisely but doesn't implement every line of the tax code like TurboTax does. So, unless there's something unusual about your situation, you can expect it to be much closer than 5-10%.
Sched-E is matching up and I can never complete Sched-D until the end of March so that's probably where the delta is.
Intuit will definitely be releasing a few more updates for 2022.
Thank You!
-WTS-
