I am working in ProConnect Tax Plans to prepare a projection for a client, in 2019 they had a passive loss from a rental property of $22,102 which they could not deduct because of the 2019 total income. I am projecting they will have $15,000 of passive income on the rental property in 2020. I can not find any place to enter this passive income, Proconnect Tax Plans is pulling in $22,102 of a loss for 2020 for a total passive loss of $44,204. I can not find where to enter an adjustment for the passive loss or income on any of the input screens.
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Why such a big swing?
Since the 2020 tax program has already been released, why do the projection in the tax plan (which is very limited) instead of the tax program?
Is this homework? Sounds like it is.
No this is NOT HOMEWORK.............................. I am trying to learn the tax planer so I can use it to assist with setting up estimates for the following year and run different amounts of income instead of making changes in the tax software which save automatically so I delete a property or k1 it has to bee re-entered and double checked again to make sure it was re-entered correctly.
There's no need to scream. We can read your response fine without those capital letters.
Like I said, the Tax Plan is very limited. In fact, too limited to be used as a tax plan.
Rental income and loss are pulled from the return and there's no way to adjust them. If discussion allowance is not a consideration, I suppose you could adjust these by entering the difference as Passive Income.
You'd be better off running these through the tax program. You won't be charged for these scenario returns so long as you don't print them. What you can do is to copy the base return and give the return a name to remind yourself of what it's about. You'd then work off that copy rather than the base return.
Hope this makes sense.