Form C gains and losses impact AGI and thus tax rates. How are they inputed? Also, same question for schedule K-1 partnerships. Is there a trick?
@jimjaneprc Well, this would be done via the Employment income section of the Income page but I just tested it and it does not allow you to input a negative income (i.e., a loss). It's interesting that this has never come up before in the 12 years this calculator has been on the market. But before I make a fix, does this sound like the change that's needed to take care of your issue? The thing is, though, that these input fields are generally intended to capture a long term estimate of your earnings and I sort of doubt that you're going to experience a loss every year.
Stuart
Thanks Stuart. Since I have a fixed pension, I used that in the Income section to give me a way to increase deductions for a period of time. I split the pension into two for the period of time that I expect Form C losses and I made the part of that equal to the expected loss tax free - using the "non-taxable amount" line. Just a crude work around. It would be nice to be able to schedule Form C, K-1 and other expected losses in a formal/documented way.
Jim
@jimjaneprc OK, I'm happy to hear you figured out a reasonable workaround. Pralana Gold is pretty much a mature product now and we don't really plan to make many enhancements going forward. It's just exceedingly complex as an Excel spreadsheet model and generally best left alone, so Pralana Online is now our flagship model and that's generally where our enhancement energies are going to be placed. Nevertheless, I'll add this as a candidate enhancement to both models.
Thanks,
Stuart
