Tax plan for tax year 2022

[ReneeCPA]

Hello,

One of the things I love most about ProSeries is its tax planning capabilities. I switched to ProConnect this year because I was assured that ProConnect also has tax planning capabilities. 

However, when I attempt to create a tax plan for a client, I'm given this error message: 

Create a 2020, 2019, 2018 individual tax return to create a tax plan.

I've imported 2020 client data from ProSeries and created a 2021 individual tax return in ProConnect. I would like to use that 2021 tax return to project into tax year 2022 and create a tax plan for my client. Why can't I do this? For me, this is one of the singularly most important features of tax software.

Like most people, I don't have time to (re)create 2020 tax returns for information that is already imported. Is this some sort of a bug? Is it a feature just not ready yet, and if so, when will it be available? Was this lack of functionality pointed out during the sales process? (I doubt it.) 

Thank you,

Renee Taylor

[George4Tacks]

2022 would be created from the 2021 and ProConnect does not yet have that in place. 

As an alternative, you can use Payments, Penalties & Extensions > 2022 Estimated Tax > Federal Worksheet (Tab) and put in adjustments to the 2021 figures to generate estimated 2022 figures. Then in the Check Return you can look at the ES Worksheet.

[ReneeCPA]

Thanks so much for the reply, which suggests that this feature does eventually become available in ProConnect Tax. Is that true? Does it just take a little while into tax season before the planner becomes available for the current tax year?

Thanks again. 

[George4Tacks]

Yes, patience is a virtue. You could do a 2021 plan with 2020 figures and plug in 2022 numbers for 2021. That should get you close.

I LOVE TaxTools. It has tax planning and so much more. If you ever do a 1031 exchange, it definitely pays for itself. Need a RMD figure - got it.  Not sure if that person qualifies as a dependent - there is a flowchart that you Y or N to.