search

hickeng / financial

Repository containing financial spreadsheets
Other
207 stars 24 forks source link

Separate fields for Other Income for Federal only and Federal+State, and separate fields for deductions for Federal and State #108

Open jwkimd opened 8 months ago

jwkimd commented 8 months ago

I currently make these changes manually every time I migrate to the new version of the sheet but it would be great if we can have the following:

  1. Other Income field (Summary K32) having two different fields for income that counts for Federal only (e.g. Treasury Bill interests or I-Bond interests), and another field that counts amount applicable for both Federal and State.

  2. Deduction field (Summary K34) having two different fields so deduction amount for Federal and State can be accounted separately. I use Custom option so I can enter in the value manually, but deduction for state won't include the amount already paid for State/Local Tax, retrieved from Federal 1040 Schedule A.

The Federal Tax/State Tax calculation would have to be adjusted accordingly on the Reference sheet (B32, B58, B60) as well

hickeng commented 8 months ago

Please note the deduction doesn't apply to state at all atm. I can make these changes and it'll work towards #20 as well.

I don't know what numbers you need, but please do assess whether you're trying for too accurate an estimate via this sheet. The estimate will be substantially imprecise vs running through the IRS worksheets as it's a very basic estimate using aggregated amounts and simple progressive thresholds.