IRS Tax Estimator and Schedule E
Q.As I can setup tax lines and groups for my categories: e.g., Create Property XXXX with sub-line: Rental Income and then make the "Rental Income" hit tax line Schedule E, line: Rents Received, Form Copy 1 and put the Group as "Rental Income". On IRS Tax Software Report, it shows up correctly. On IRS Tax Estimator, it does not show up at all. One Note: If I try to add to the "Other Income" it can find (becuase I can search by category) Rental Income and if I try to add it it will switch it's tax line on me. What kind of IRS Tax Estimator can't factor in Schedule E's main line? And why can't I set up a new category to tie to Depreciation on Schedule E? I'm not asking Money to compute anything, but just let me choose that line and then export to a tax software accordingly
A.You can. Create your new category. Then in Accounts&Bills->Categories&Payees->Payees you can select each category and modify the details. Check the IncludeOnTaxReports box. Select schedule E from the drop-down list, and select the form line and select the form copy number (*which* schedule E, starting with 1). No, You cannot! Try looking at the list of lines that MS Money 2004 gives you...can you find Depreciation anywhere? I can't. And please address why Tax Estimator has no capacity to include Schedule E income or expenses. Why even have Tax Estimator?
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