How can I tax-effect retirement assets, such as a 401(k) or defined-benefit pension?
Family Law Software has a capability to tax effect all assets, including retirement assets. Click Analysis > Property After-Tax, as shown below. Click here and here for more help on this. The result will apply whether or not the pension is currently in pay status. But it may give a more accurate result if the […]
I entered a number that I am not seeing on the Budget Report.
The budget report gathers all of the income and expense numbers that you entered in the software. You will usually be able to find all of the numbers that you entered immediately. However, there may be some occasions where you are not seeing on the Budget Report numbers you know you entered. This FAQ will […]
How do I get debts to flow to the affidavit
There are three questions we are often asked about the carrying of debts to the financial affidavit: This FAQ will address each of these in turn. 1. How do I get debts to appear on only one party’s affidavit? On the screen where you enter the debt, you will in most states see a drop-down […]
Uninstalling the Desktop App
To uninstall the desktop application, navigate to C:\Program Files (x86) > FlSPlan. Then double click the icon for Uninstall. This will remove the application but will not delete your client data files. Your files may all be stored on a single folder that is known to you, such as the Family Law Software folder under […]
Can I indicate that my client is “married filing separately” with a new spouse?
Generally speaking, the married filing separate status will give the same result, whether filing with the current spouse or a new spouse. One thing you may have to change is whether to use standard or itemized deductions. When filing separately, both spouses must do the same thing — either both use the standard deduction, or […]
Can I change the title of the Marital Property Division Report (Community Property Division Report)?
Yes, You can create a custom title for the Marital Property Division report (also known as the Community Property Division report). At the top of the Marital Property Division report screen, click the link for options. On the options screen, at the bottom, you can enter the new title. You can do a similar thing […]
Can a party who does not live in the marital residence claim the mortgage deduction for it?
In general, a party must live in a residence in order to claim the mortgage deduction for it. For more information, see IRS publications 504 and 936. In Publication 936, search for the definition of “qualified home.” An exception may apply if the title is in joint names and the payer is obligated to pay […]
How can I enter restricted stock units (RSU)?
Restricted stock units are promises by the employer to grant specified numbers of shares of stock to the employee in the future. Typically, restricted stock units are granted over time, following vesting periods. A restricted stock unit (RSU) may be forfeited if the employee leaves the company, violates securities act rules, and for other reasons. […]
How can I enter capital loss carryforwards?
You may choose one of two approaches: 1. View/Edit Taxes. One approach is to figure out how much of that carryforward will be able to be deducted each year, then open the report labeled “View/Edit Taxes” and enter that amount as a negative amount in the row for capital gains and losses. The “View/Edit Taxes” […]
How can I enter data from a K-1?
There are partnership K-1s (Form 1165) which are different than S Corporation K-1s (Form 1120). In both cases, typically, the most important numbers are on lines 1-3. You can enter ordinary income and guaranteed payments as Business income, and specify the type of business as partnership or S Corp as appropriate. You can enter rental […]