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Bloomberg Tax and Accounting - Income Tax Planner Help

:::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::INCOM E TAX Planner Income Tax Planner Tax Reference GuideTAX REFERENCE GUIDEV ersion 2020by KENNETH S. COHENNew York University ( , Public Accounting , 1964)The Harvard Law School ( , 1968)Admitted to Ohio Bar 1969 (Inactive) Bloomberg Tax and Accounting :::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::::::Copyright 2020 Tax Management, Inc. All rights : 2169-2173 Windows and Windows Explorer are either registered trademarks or trade-marks of Microsoft Corporation in the United States and/or other countries.

FEDERAL TAX WORKSHEETS::::: FEDERAL TAX WORKSHEETS SUMMARY REPORT Shows the details behind the tax calculations, following the general format of pages 1 and 2 of federal Form 1040. MAIN WORKSHEET The Main Worksheet is the starting point of all analyses. It is always open. From this workshee t you can access other subwor ksheets where you can enter

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Transcription of Bloomberg Tax and Accounting - Income Tax Planner Help

1 :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::INCOM E TAX Planner Income Tax Planner Tax Reference GuideTAX REFERENCE GUIDEV ersion 2020by KENNETH S. COHENNew York University ( , Public Accounting , 1964)The Harvard Law School ( , 1968)Admitted to Ohio Bar 1969 (Inactive) Bloomberg Tax and Accounting :::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::::::Copyright 2020 Tax Management, Inc. All rights : 2169-2173 Windows and Windows Explorer are either registered trademarks or trade-marks of Microsoft Corporation in the United States and/or other countries.

2 Subject to the terms and conditions of the Bloomberg Tax and Accounting License publication is designed to provide accurate and authoritative informa-tion in regard to the subject matter covered. It is provided with the understanding that the publisher is not engaged in rendering legal, account-ing or other professional service. If legal or Accounting advice or other expert assistance is required, the services of a competent professional should be sought. The material contained in Income Tax Planner software and documentation is supplied without representation or warranty of any kind. Bloomberg Tax and Accounting and the author, therefore, assume no responsibility and shall have no liability, consequential or otherwise, of any kind arising from the use of the program software, manuals, any part thereof, or any supplementary programs and materials subsequently issued by Bloomberg Tax and of the Income Tax Planner Tax Reference Guide, in part or in whole, is prohibited without express permission of Bloomberg Tax and Accounting .

3 :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::CONTENTSI ntroduction .. 7 Welcome to Income Tax Planner .. 7 About this Guide .. 7 Customer Support .. 7 Chapter 1 Federal Tax Worksheets .. 9 Overview .. 9 Worksheet Descriptions .. 9 Accessing Help .. 24 IRS Form Line Numbers .. 24 Worksheets .. 24 Batch Input .. 24 Individual Activities .. 25 Individual Activity (Passive/MAPRRA Items) .. 28 Individual Activity (Nonpassive Items) .. 31 Qualified Income Amount Passive Activity .. 58 Qualified Income Amount Nonpassive Activity .. 65 Security Transaction Analyzer.

4 71 Present Value .. 75W-4 Worksheet .. 80 Main Worksheet .. 87 Subworksheets .. 103 Filing Status .. 103 Ordinary Income .. 107 Wages .. 116 Interest and Dividends .. 131 Self-employment Income and Loss .. 139 Qualified Income Amount Taxpayer s Self-Employment .. 147 Qualified Income Amount Spouse's Self-Employment .. 153 Section 1231 & Casualty Gain and Loss .. 159 Casualty Gains and Losses .. 183 Passive & MAPRRA Income and Loss .. 192 Passive Real Estate Exemption .. 204 Publicly Traded Partnerships .. 207 Investment Interest Expense .. 219 Net Investment Income .. 223::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::Taxpayer s Foreign Earned Income Exclusion.

5 235 Spouse s Foreign Earned Income Exclusion .. 240 Other Ordinary Income .. 245 Qualified Income Amount Other Income .. 255 Excess Business Loss and NOLs .. 261 NOL Generated .. 270 IRA Deductions .. 274 Taxpayer s Keogh and SEP Deductions .. 284 Spouse s Keogh and SEP Deductions .. 294 Educational Interest Income and Expense .. 303 Education Expenses .. 308 Domestic Production Activities Deduction .. 317 Capital Gains and Losses .. 3202003 Post 5/5 Capital Gains and Losses .. 346 Lump Sum Distribution .. 35128% Rate Capital Gains and Losses .. 361 Itemized Deductions .. 371 Charitable Contributions .. 382 State Estimated and Withholding.

6 396 Resident State Estimated and Withholding Payments .. 403 State and Local Sales Taxes .. 415 Qualified Residence Interest .. 421 Standard Deduction .. 422 Qualified Income Deduction .. 425 Qualified Income Loss Allocation .. 428 Alternative Minimum Tax .. 429 Section 1231 & Casualty Gain/Loss AMT .. 446 Investment Interest AMT .. 459 AMT Charitable Contributions Adjustment .. 466 Capital Gain/Loss Alt Min .. 4772003 Post 5/5 Capital Gain/Loss AMT .. 48528% Rate Capital Gain/Loss AMT .. 487 Passive & MAPRRA Income /Loss AMT .. 489 Real Estate Exemption AMT .. 494 Publicly Traded Partnerships AMT .. 497 Minor Child Tax .. 501 Farm Income Averaging.

7 509 Foreign Income Exclusion Taxes .. 526 Credits .. 5312001 10% Bracket Credit .. 544 Dependent Care Exclusion & Credit .. 545 Adoption Exclusion & Credit .. 552 Child Tax Credit .. 560 Credit for Elective Deferrals and IRAs .. 566::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::Nonbusiness Energy Property Credit .. 573 Residential Energy Efficient Property Credit .. 577DC Homebuyer Credit .. 582 Minimum Tax Credit .. 583 Withholding, Estimated & Penalty .. 594 Earned Income Credit .. 621 Making Work Pay Credit .. 6292008 Recovery Rebate Credit .. 6312020 Recovery Rebate Credit.

8 6342020 Self-Employed Family Leave Credit .. 6362020 Self-Employed Sick Leave Credit .. 640 First-time Homebuyer Credit .. 647 Self-Employment & Other Taxes .. 650 High- Income Hospital Insurance Tax .. 655 Medicare Investment Income Tax .. 659 Domestic Production Activities Deduction for Investment .. 669 Allocable State Income Tax Deduction .. 671 State Tax Refund: Investment .. 673 Affordable Care Credit and Shared Responsibility Payment .. 677 Output Worksheets .. 690 Summary Report .. 690 Alternative Capital Gains Tax .. 705 AMT Alternative Capital Gains Tax .. 714 Chapter 2 State Tax Calculations .. 723 Section 1: Introduction .. 723 Section 2: State Tax Entries & Results.

9 730 Section 3: General State Specifications .. 733 Section 4: States .. 744 Alabama .. 749 Arizona .. 763 Arkansas .. 773 California .. 785 Colorado .. 801 Connecticut .. 809 Delaware .. 819 District of Columbia .. 827 Georgia .. 833 Hawaii .. 841 Idaho .. 853 Illinois .. 861 Indiana .. 869 Iowa .. 877 Kansas .. 893 Kentucky .. 901::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::Louisiana .. 913 Maine .. 923 Maryland .. 933 Massachusetts .. 943 Michigan .. 957 Minnesota .. 965 Mississippi .. 975 Missouri .. 983 Montana.

10 993 Nebraska .. 1003 New Hampshire .. 1013 New Jersey .. 1017 New Mexico .. 1027 New York .. 1033 North Carolina .. 1047 North Dakota .. 1055 Ohio .. 1071 Oklahoma .. 1079 Oregon .. 1087 Pennsylvania .. 1099 Rhode Island .. 1107 South Carolina .. 1125 Tennessee .. 1135 Utah .. 1139 Vermont .. 1147 Virginia .. 1163 West Virginia .. 1173 Wisconsin .. 1181 Other States .. 1193 Index .. 11957::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::INTRODUCTIONWELCO ME TO Income TAX PLANNERT hank you for your interest in IncomeTax Planner , the easy-to-use and power-ful tax planning program that combines the very latest in tax and technology.

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