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Subject Author Date
tax software algorthim ilaboo 02-15-2008
Posted by ilaboo on February 15, 2008, 6:51 pm
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i had problems with tax software that was unable to remove treasure bills
from state data

what i suspect is going on is that the math for populating state data only
can from data entered on federal tax form

software than does some rather simple math and populates the state data--my
software cannot modify state data and recalculate data

i suspect that there is a lot of taxware out there that has this problem

incidently i tried working around this by printing out original data that is
fed and state tax forms ( remember t,bill data was entered in fed as taxable
interest


i then went into fed tax data and entered 1 in the taxable interest and
printed out fed and state forms--state form data was in chaos made no sense
i probably should have entered something in fed taxable interest larger than
1--i will try 10 and maybe 100

hope this is clear

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Posted by Rich Carreiro on February 15, 2008, 8:25 pm
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> i had problems with tax software that was unable to remove treasure bills
> from state data
>
> what i suspect is going on is that the math for populating state data only
> can from data entered on federal tax form
>
> software than does some rather simple math and populates the state data--my
> software cannot modify state data and recalculate data

Are you sure that on the form/worksheet/whatever there is no
place to say that this is US Treasuries interest?

For example, in TaxAct, you'd bring up TaxAct's 1099-INT form
and you'd put the interest in the box that says something like
"Interest on US debt obligations". Or in TaxWise, you'd put
a minus sign in the "State Adjust" column on the interest worksheet
and then put the amount of interest to get subtracted out on
the state return.

--
Rich Carreiro rlc-news@rlcarr.com

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by ilaboo on February 16, 2008, 12:07 pm
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>
>> i had problems with tax software that was unable to remove treasure bills
>> from state data
>>
>> what i suspect is going on is that the math for populating state data
>> only
>> can from data entered on federal tax form
>>
>> software than does some rather simple math and populates the state
>> data--my
>> software cannot modify state data and recalculate data
>
> Are you sure that on the form/worksheet/whatever there is no
> place to say that this is US Treasuries interest?
rich
found a box that said treasury bills--mayor not be state taxable. data
entered in this box is sate exempt

dese;ected my old data
and entered correct amount in treasury bill box as expected software never
corrected state data
i appreciate your help on this---i suspect that prior calculations of
state/federal data are in some database that is not modifiable--glad i found
this out--i am awaiting help from software--at this point i really could
care less but is suspect a lot of people go burned on this ..my state tax
form is really easy once i learned how to do it
once again thanks for your help and suggestions
will keep all posted on this

peter

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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