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Do I need to enter any information for a new client from their prior years tax return? If so, where do I do this?
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Depending on the state you're in, sometimes you'll need the earlier return to calculate whether a state refund is taxable on the current return.
I wouldn't enter anything under, say, tax history; I'd prefer that my client be able to distinguish between preparers and only want the data I prepared on the tax history form.
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I normally enter the prior year for new clients so I can use the two year comparison. I enter the prior year data on the "two year comparision worksheet" It's also a good exercise to check for any carry overs from the prior year to the current year.
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I always enter last year's AGI and tax for underpayment penalty computation purposes.
The more I know the more I don’t know.
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Where do I enter this information? What if they did not have any income in prior year, therefore, did not file a tax return?
Also, is anyone else having problems with the final review continually looping and never completing? I have had basic returns with just W-2's, returns with W-2 and 1099-NEC, returns with W-2 and 1099-R - everyone I have done is not completing the final review (and these are from prior year transfers)?
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Where do I input 2020 tax for underpayment penalty exception--I can't seem to find the proper input screen?
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@Roseyfam Federal Carryover Worksheet Line 6