How do I enter a business buyout note?
Here are the steps to take to enter a business buyout, where assets or income of the business itself are being used to buy out a party: 1. On the “more info” screen for the business, scroll down to the section on business buy-out. There are two yes/no questions. The first question asks if there […]
How can I enter deferred compensation?
With respect to deferred compensation, you have two choices: 1. Income only. Enter deferred compensation on the screen where you enter income, on the Deferred Compensation line. If you wish, you may click “more info,” and override the amounts in the specific payout dates at the bottom of the screen with the payouts anticipated to […]
How do I handle reimbursement from marital property for the expenditure of marital assets for separate purposes?
This is the situation where a party has spent marital funds for separate purposes. The classic example involves a spouse who spends money on a party outside the marriage. The other spouse wants to be reimbursed for that expenditure. If the marital property division is 50/50, the amount to be reimbursed is half of the […]
How do I handle reimbursement from marital property for the expenditure of separate assets for marital purposes (Epstein credits)?
This covers the situation where a party has spent separate funds for marital purposes. And now that party is being reimbursed from the marital assets for that expenditure. This can happen if, for example, post-separation income is used to pay marital debts. In California, this reimbursement is known as “Epstein Credits.” If the property division […]
How do I handle reimbursement from marital property for payment by one party of the other party’s separate debt?
Just specify that the debt is a separate debt of the Party A, and that Party B will pay it, and then reach a 50/50 division in the Property Division worksheet as you normally would. Let’s explore how this works. To clarify, this is a situation where the Party B is paying Party A’s separate […]
How do I enter IRA and 401(k) contributions?
Enter IRA and 401(k) contributions on the more info screen for the IRA/401k asset. (In the Cloud, click the green 3-dots button.)
How do I enter Social Security income?
If the income is currently being received, enter it on the Income screen as Wage-Like income. To enter projected Social Security income, click more info on that line. The software will ask you to enter the income projected at regular retirement. The client can get this by logging in to their account on the Social […]
How can I change the state where a party lives?
This is in the Enter Data section on the Parties & Children screen. Open the section for the party, and you will see the entry for the state where the party lives.
How do I enter spousal support (alimony, spousal maintenance) of the current relationship?
On the screen where you enter child support information, scroll to the bottom of the screen, and look for a section labeled “Spousal Support to Use in …” or “Alimony to use in…” The exact wording will vary from state to state, but you will find the section there. If you are in a state […]
How do I enter payroll deductions that are not explicitly listed?
One approach is to enter them all under Dental Insurance, with a footnote explaining that the number includes the other payroll deductions. Another approach is to enter them as write-in items where you enter living expenses. When you do, you can specify the tax category as either “FSA, Flex, Caf, etc.” or “Payroll Dedn – […]