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Screen TPW-2 - Tax Projection, Page 2 (1040)
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Overview
Use this screen to enter taxes, credits, payments, and alternative minimum tax information for the Tax Projection Worksheet.
Qualified Business Income Deduction (QBID)
Use this section to enter deductible amounts for qualified business income deductions.
Qualified business income deduction (QBID)
To prevent the calculation of the qualified business income deduction for next year, enter a force amount. The amount you enter here overrides the amount calculated from data in the Qualified Business Income Deduction (QBID) section.
Qualified business income
The deductible amounts for qualified business income deduction must be calculated on an individual activity basis. Use the fields in the statement to enter information for each individual activity. Each line will be treated as an individual activity.
- Description:This field will be used as the activity name and reported on the Qualified Business Income Deduction (QBID) Worksheet.
- Qualified Business Income:Enter qualified business income defined in Code Sec. 199A(c).
- W-2 Wages:Enter the amount of W-2 wages paid by the activity as defined in Code Sec. 199A(b)(4).
- Qualified Property:Use this field to enter the amount of qualified property as defined in Code Sec. 199A(b)(6).
- Specified Service Business:Mark this field if the activity is a specified service business within the meaning of Code Sec. 199A(d)(3). This will be used on the QBID Worksheet to apply the limitations for such businesses.
- QBI Allocable to Cooperatives:Enter the portion of qualified business income that is allocable to certain agricultural and horticultural cooperative.
- Wages Allocable to Cooperatives:Enter the amount of wages allocable to certain agricultural and horticultural cooperatives.
UltraTax CS will use the data in these fields to calculate the Federal TPW – Qualified Business Income Deduction (QBID) worksheet applying any applicable phase out and income limitations.
Taxes, Credits and Payments
Use this section to enter tax, credit, and payment projections.
Tax (Force)
Next year’s tax calculates automatically using next-year tax rate schedules, including the alternative minimum tax on capital gains, if applicable. Use this field to override this calculated amount, if needed.
Use this field to adjust the calculated amount if there is any tax in the current year from the recapture of an education credit. The amount of current year recapture of an education credit doesn't default to the next year column. For more information, see Tax Projection Worksheet tax rates and inflation-adjusted amounts (1040)
Education credits
Enter the allowed amount of American Opportunity Credit and Lifetime Learning Credit allowed for next year. UltraTax CS doesn't apply the AGI phase out or limit the credit to the statutory amount.
Household employment taxes
Enter the amount for household employment taxes if it differs from the current year household employment taxes.
First-time home repayment
Enter the amount of 1st-time homebuyer credit repayment if it's expected to differ from the current year due to an expected sale or other event that may impact the amount.
Self-employment tax (Force)
The self-employment taxes calculate based on projected net self-employment earnings. Enter an amount in this field to force the calculated self-employment tax.
Other taxes
Enter the amount of any additional taxes if it differs from the current year additional taxes.
Income tax withheld
Enter the amount of income tax withheld if it differs from the current year income tax withheld. Enter
1
in the Calculated income tax w/h
field to use income tax withheld that equals the calculated projected tax, or enter 2
to use income withheld that equals the calculated withholding based on W-4 allowances. Data in that field will override any data entered in the Income tax withheld
field.note
If the client had additional Medicare tax withheld, it'll be reported in addition to income tax withheld. Enter
0
in the Enter the total of all wages that will be subject to the additional Medicare tax withholding
field on TPW-ACA screen in order to report the amount entered in this field.Calculated income tax w/h
Enter
1
in this field to have the Tax Projection Worksheet use an amount of tax withheld that equals the calculated projected tax, or enter 2
to use income withheld that equals the calculated withholding based on W-4 allowances. If this field is blank, UltraTax CS defaults to any amount in the Income tax withheld
field, located in the Taxes, Credits and Payments section of this screen, or current-year amounts. Data in this field will override any information entered in the Income tax withheld
field.note
The Tax Projection Worksheet can be linked to Form W-4 to calculate the number of withholding allowances for next year. This can be done by entering
X
in the Use Tax Projection Worksheet amounts
field in the W4 screen, located in the Separate Filings folder. The W-4 Withholding Worksheet can also be linked to the Tax Projection Worksheet to provide the projected total withholding by entering 2
in the Calculated income tax w/h
field.Earned income credit
Next year's projected earned income credit calculates automatically. Enter an amount in this field to override this calculation. For more information, see Tax Projection Worksheet tax rates and inflation-adjusted amounts (1040)
Additional child tax credit
Next year's projected additional child tax credit calculates automatically. Enter an amount in this field to override this calculation. For more information, see Tax Projection Worksheet tax rates and inflation-adjusted amounts (1040).
Adoption credit
Enter the amount of Adoption Expense Credit allowed for next year. UltraTax CS enters the amount as an "Other Credit" applied against alternative minimum tax. It doesn't apply the AGI phase out or limit the credit to the statutory amount.
8615 (Kiddie Tax) Force
By default, the TPW projects next year’s tax using “Kiddie Tax” rules if Form 8615 was used to calculate tax in the current year and the taxpayer’s age will be under 24 next year. Use this field to override the default. Example: Form 8615 wasn't filed in the current year but will be next year (or vice versa). This field isn't available if the taxpayer will be older than 23 next year.
8615 Unearned inc (Force)
By default, the Tax Projection Worksheet – Form 8615 (Kiddie Tax) projects next year’s unearned income using the Tax Projection Worksheet Next Year wages, business income/loss and farm income/loss and penalty on early withdrawal of savings and adjusted gross income. Data in this field reports on line 1 of the Tax Projection Worksheet – Form 8615 (Kiddie Tax).
8615 unearned inc item ded
By default, the Tax Projection Worksheet – Form 8615 (Kiddie Tax) uses the current year Form 8615 directly connected itemized deductions. Data in this field reports on line 2 of the Tax Projection Worksheet – Form 8615 (Kiddie Tax).
Alternative Minimum Tax
Use this section to enter information to calculate the alternative minimum tax for next year. Data from other input screens isn't used to calculate an alternative minimum tax for next year.
Alternative minimum tax (Force)
If you don't want to calculate the alternative minimum tax for next year, enter a force amount in this field. The amount you enter here overrides the calculated amount.
Refund of state/local taxes (Force)
Enter the amount of state / local tax refund if it's different from the calculated Tax Projection Worksheet, Page 1, Line 4 amount.