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 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 change the order (sequence) in which assets are listed?
You can change the sequence in which assets and debts are listed. If there is more than one item in an asset group, then, next to the name of the group, you will see a button, as illustrated below: Click that button, and a dialog box will pop up that allows you to change the […]
How do I specify self-employment income?
1. Wage Income If you click the “self-employment” box for Wage income, that specifies that Wages are “self-employment income.” In that case, we will automatically calculate the Self-Employment Tax instead of the employee Social Security and Medicare taxes. The Self-Employment Tax appears as a line item in the calculation of Federal Taxes. You can see […]
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 can I enter an expense that ends at a future date, such as child care, or when children leave the home?
There are expenses that you know will end at a time in the future. These include childcare, and also expenses that will end when a child leaves the home or becomes emancipated. Go to the line where you enter the expense, and click more info (the green 3-dots button in the Cloud software). On the […]
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 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 separate property?
On the “more info” screen for the asset, you will see a section for entering separate property. You will be able to specify that the asset is entirely separate property of one party or the other, or partially separate, as shown below.
What is a property settlement, and how do I enter it?
A property settlement is an arrangement under which one spouse will pay another a fixed amount in the years immediately after the divorce. This is typically done because there are not enough liquid assets to equalize the property division in the year of the divorce. Property settlements do NOT appear on the state’s financial form. […]