TurboTax SCHEDULE E WORKSHEET, PART I, LINE 9 seems to be calculating the wrong percentage for vehicle's PERCENT OF USE. The comment on LINE 9 says it is from "LINE6, DIVIDED BY LINE 5C".
LINE 5C is: 3000
LINE 6 is: 48
LINE 9 is calculated as 0.40%
( Seems to me that LINE 9 should be 1.6%, since 48/3000 = 0.016 )
The screen capture is below:
The program divides lines 6 by line 5c (then multiplies the result by line 10b divided by 12 months, if line 10b has an entry). In the case of the example you provided, the calculation is (48/3000) * (3/12) = 0.40%.
If you had used the vehicle for 12 months, the percentage would have been 1.6%
Any time you question how a number is calculated, right-click on the box and choose "About" to see the On-Demand Tax Help for more information.
The program divides lines 6 by line 5c (then multiplies the result by line 10b divided by 12 months, if line 10b has an entry). In the case of the example you provided, the calculation is (48/3000) * (3/12) = 0.40%.
If you had used the vehicle for 12 months, the percentage would have been 1.6%
Any time you question how a number is calculated, right-click on the box and choose "About" to see the On-Demand Tax Help for more information.
Ah, I see, thanks.
Would be nice if TurboTax included the information you gave me in the comment next to the valus also (ie: that it divides by the number of months also).
regarding right clicking. I like that idea, but, I am looking at the tax forms generated by Turbotax PRINT CENTER, and I cannot right click on any vlue there as ti is simply a 'report'. I tried going back into the interview section, such as where i enter income and rental information - but don't see where I could right click anything there - since the only values (or that I can recall seeing) are the values that I ENTERED. Is there a way to generate the final tax forms, or work sheets, etc,, - where I can actually RIGHT CLICK on values to see how they were arrived at, or, where they came from? (If not - that would CERTAINLY be a great idea to upgrade TT with! I am often looking at the final tax forms/tax docments (ie:tax reports) and wondering where numbers come from.)
The right-click option is available in TurboTax for Desktop only. Sorry for the confusion.
Thanks for clearing that up. Is the desktop version the same price as online version?
Also, is there a way to import my tax data from the online version and use it in the desktop version, so I don't have to enter my history (including the landording history) all over again in the desktop version?