I use TT Premier. I'll repeat this exercise when the 2017 edition comes out, but I want to get a ballpark now. My purpose is to bring my tax liability up to $7500 to be able to take the Federal ITC for a plug-in vehicle.
This is not about reconversion or backdoor conversion.
what-if doesn't have 1040 line 15a, which I think is where it belongs. Can I just test the conversion amount as ordinary income?
Thanks in advance.
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Yes, it is ordinary income so you can put it on line 15b.
Sounds like great planning with that plug in vehicle.
Right now the tax rates for 2017 are virtually unchanged (due to low inflation), so it should be fairly accurate, unless Congress makes some major changes this year.
EDITED 3/6/2017
dmertz is correct about 15b and I looked at "What-if" worksheet and it is listed there.
Yes, it is ordinary income so you can put it on line 15b.
Sounds like great planning with that plug in vehicle.
Right now the tax rates for 2017 are virtually unchanged (due to low inflation), so it should be fairly accurate, unless Congress makes some major changes this year.
EDITED 3/6/2017
dmertz is correct about 15b and I looked at "What-if" worksheet and it is listed there.
It goes on line 15b.
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