Inputs

Inputs are grouped by income type and organized a series of 'cards.' Below is an explanation of the data fields used in each card.

These inputs can be populated manually, or by using the pdf parser.

Return Details

Enter all basic information to create setup an accurate projection. 2023 tax return was used as the reference.

• Loss carryover - As calculated using Schedule D instructions.
• Prior Year AGI - Form 1040 line 11
• Refund Applied - Form 1040 line 34 
• Prior Year Tax - Form 1040 line 24
• Tax Payer Details - Taxpayer, spouse (if applicable) and dependents (if applicable).

Tax Payments

Record tax payment activity.  If you upload a pdf of last year's return, last year's refunds and payroll withholding will be recorded as payments for current year.

Add quarterly estimated tax payments by hitting ‘+Add Payment.’ Choose payment type, payment amount and payment date. Hit "Record Payment" to save.

For more info on how payments are calculated and applied, please check out the Knowledge Base for Tax Payments.  

Wages

Wage sources: Add one wage card for each employer (W-2). The spouse checkbox will only show if the return is a "Married filing joint" tax return. Check the box to allocate wages to the spouse.

Earnings, Pay Periods and Paystub Dates: TaxCalc will annualize wages if you enter the info below.

• Pay Period
• Pay date
• Wages (from current period)
• YTD

You can also simply enter a projected income into the YTD field. 

Deductions: Enter pre-tax deductions 401K is there by default. FSA, Employee health insurance, etc. Click the State/Local checkboxes if you want these deductions included in State and Local calculations.

Withholdings: Enter paycheck withholdings - federal tax withholding, state tax withholding (if applicable), and local tax if applicable. Want us add an additional local income tax? Please send the details of your request to support@tallyfor.com.

State Calculation

TaxCalc offers a simple state calculation module.  We will continue to make enhancements on a state-by-state basis based on user adoption and feedback.

Want us to work on a specific state? Please send the details of your request to support@tallyfor.com.

Local Calculation

Local taxes will be added on a per-request basis. Want us to add support for a specific locality? Please send the details of your request to support@tallyfor.com.

Investments

• Projection Date: This is the date that data was entered into these fields.  This date does not affect any calculations.
• QBI: 
• Interest: Tax-exempt (line 2a) and Taxable (line 2b).
• Dividends: Qualified (line 3a) and Non-Qualified/Ordinary (line 3b)
• Gains/Losses: Short term (Sch D, line 7) and long term (Sch D, line 15)

Retirement

Enter the gross amounts for:

• IRA Distributions (line 4a)
• Pensions and annuities (line 5a)
• Social Security Benefits (Line 6a).

Then, enter the withholding info for each item. TaxCalc will calculate the taxable amount and populate the estimated totals for lines 4b, 5b, 6b accordingly. 

Business

Details coming soon

Adjustments to Income

• Self-employed qualified plans - From 1040 Schedule 1, Line 16.  Includes SEP, SIMPLE and Qualified Plans as per IRS Publication 560.  
• Self-employed health insurance - From 1040 Schedule 1, Line 17 as per IRS Form 7206.
• IRA deduction - From 1040 Schedule 1, Line 20.  IRS IRA Deduction limits.
• Student loan interest deductions - From 1098-E and reported on Form 1040 Schedule 1, Line 21.  IRS Student loan interest deduction

Credits

• Foreign tax credit - Form 1116, Line 35 & 1040 Schedule 3, line 15.  Reported on 1040 Line 31.  IRS Foreign Tax Credits.
• Child and dependent care tax credit - From form 2441 and reported on 1040 Schedule 3, line 2.  IRS Publication 503, Child and Dependent Care Expenses.  
• Education credits - calculated on Form 8863 
• Residential energy credits - IRS Home Energy Tax Credits
• Child and dependent credit - From form 2441 and reported on 1040 Schedule 3, line 2.  IRS Publication 503, Child and Dependent Care Expenses. 

AMT Adjustments

Details coming soon