Tax History Report

[Thomas S]

The year designations that are printing across the top of the "Five Year Tax History" report are off by one year.  The column on the far right shows as 2020 when it is actually 2021.  Likewise, the column next to it shows as 2019 when in fact it is 2020.  And so for the remaining three years.  Strangely, when you look at the "Tax History Report" on your computer screen while you are in TurboTax, the years show correctly.  They just don't print correctly.

My second issue is in regard to your calculation of "Effective Tax Rate %" on this same Tax History Report.  It is the penultimate line of this report.  Everything I have read about effective tax rate (ETR) says the calculation is "Tax / Taxable Income".  Even now, when I research ETR on the internet, I see various financial websites saying that "Tax / Taxable Income" is the correct way to calculate it.  And yet the formula TurboTax is using to calculate ETR is "Tax / Adjusted Gross Income".  What is the basis for calculating ETR in this manner?  It understates a taxpayers actual ETR.

Thanks in advance.

Tom 

[SteamTrain]

1)  The tax history report will likely be updated sometime this month......the software is really still in a mostly unfinished state right now, with some specific forms not being ready until Feb...the History report is likely just using last year's headings....they'll probably fix it by Feb.

2) Yeah...Personal Opinion:   ETR as tax/AGi is probably more accurate in being "Effective" based on total income.   TTX has always used that Tax/AGI  (with a few occasional subtle modifications)...at least for the past 15 or so years. 

i.e..... Based on ALL my income...what % am I being taxed.  It's really mostly a handwaving number anyhow, to let the majority of people feel a bit better.

[Brad43]

Good response; thank you.   Not my question but still interesting and something I was not aware of.  I have used TTX since the ChipSoft owned the program and supplied it on 5.25 inch floppies.  I still have those floppies as well as the more modern follow-on 3.5" floppies.  I state that only to demonstrate I have some experience with the program.  In the past, my personal information as well as the previous tax year's financial data was imported to the new return.  This year, TY2021, the personal data was populated correctly but not any tax history.  The 5 year historical summary record as well as the TY2020 data normally found in the "Your 2021 Income Summary"  was missing.  Both those data fields are very useful.  Do you have a work-a-round hack?  If so, I will be very grateful.

[SForrestLO]

Please see these Turbo Tax FAQs for additional assistance. 

Troubleshoot TurboTax for Windows updating issues

When transferring a .tax file, what information carries over to my return?

@Brad43

[SteamTrain]

@Brad43 

1)   IF, and only if you are using the desktop software every year

The first thing I'd do is go back to your 2020 tax program, and carefully select & open the exact file you transferred into this year's 2021 program and check it's History report.

IF that is fully filled in....close that one down.   Then start a new 2021 Test tax file , and carefully select that exact 2020 tax file...then  .tax2020 datafile and transfer it in, get in a ways and see what's in that history report.       (((((  DO  NOT TRANSFER A 2020 PDF FILE....that is totally useless for almost everything except Name, SSN address and last year's AGI)

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2)  IF you are using eh "Online" software every year, go down to the 2020 file, and download a NEW PDF file form 2020 taxes...and check to see if it's History report is fully filled in or not.   IF it is, then the absence of the 2020 data in the 2021 History is a puzzle.  (unless you changed course and transferred in last year's PDF tax file...which you should never do....but taking in the prior year PDF file requires extra work in the Online software)

[Brad43]

You knocked it!  Thank you.  I only wish I had ask the question before I finished half the return.  Actually I did ask but to the wrong people.  Thanks again.

[Brad43]

I neglected to mention another contributor who provided information by phone.  The root of my problem was a bug in an early edition of the software.  The bug was corrected rapidly and proactive but not retroactive to those who started returns prior to the fix.  That's me so I need to do it again.