Lacerte Tax Planner | Getting Started Guide

Installing Lacerte Tax Planner

Using Your Lacerte Tax Clients

Setting Up a Tax Plan

Getting Around in Tax Planner

Entering Information

Setting Up a Report

Glossary

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Copyright

Copyright © 2010 Intuit Inc. All rights reserved.Intuit Inc.5601 Headquarters DrivePlano, TX 75024

Trademarks

Intuit, the Intuit logo, Intuit ProLine, Lacerte, and QuickBooks, among others, are trademarks or registered trademarks of Intuit Inc. in the United States and other countries. Other parties’ marks are the property of their respective owners.

Rev-02/10

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Contents

Contents1 | Installing Lacerte Tax Planner 1

How to Install the Program 1Additional Instructions for Network Users 2Launching Tax Planner 2

2 | Using Your Lacerte Tax Clients 3Exporting a Lacerte Tax Client 3Importing a Lacerte Tax Client 4

3 | Setting Up a Tax Plan 5Creating a New Tax Plan 5Changing an Existing Plan 6Setting Up Generic State Worksheets 7

4 | Getting Around in Tax Planner 9Navigating in Tax Planner 9Graphic Indicators on the Worksheets 10Shortcut Keys 11

5 | Entering Information 13Entering Data on the Worksheets 13Entering Income Activities 15

6 | Setting Up a Report 17Customizing a Report 17Printing the Report 17

Glossary 19

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1

Installing Lacerte Tax Planner

1 | Installing Lacerte Tax PlannerIn this chapter…

How to Install the Program _______________________1

Additional Instructions for Network Users ___________2

Launching Tax Planner ___________________________2

How to Install the ProgramFollow these steps to install Lacerte Tax Planner:

➊ Close all programs.

➋ Insert the Lacerte CD in the CD drive.

Note: If the installation wizard does not automatically start, click the Start button, select Run, then type D:\setup (use the correct drive letter for your CD drive if it’s not D). For Vista users, click Start, then just type the command.

➌ At the Lacerte Welcome screen, click Next.

➍ Select the Programs you want to install, then click Next.

➎ Verify the Destination Location, type a new location in the box, or click Browse to choose a location, then click Next.

Note for Network Users: Be sure the path you choose is a shared location so your network workstations can install the program.

➏ In the Review Current Settings dialog, verify the settings, then click Install. Click the Back button if you need to make changes.

➐ For non-network users, when the Installation Complete dialog appears, click Finish. Your installation is now complete!

For network users, when the Installation Complete dialog appears, click Finish to install the program to the workstation you’re on. Then, go to the next section to install the program on each additional workstation.

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Additional Instructions for Network UsersIf you installed the network version, you must now follow these steps to install Tax Planner on each workstation: (Then, whenever new versions are installed on your network server, all workstations will automatically be updated as well).

➊ Go to a workstation on which you want to install Tax Planner, then close all programs.

➋ Click the Start button, then select Run. (Vista users only need to click Start here).

➌ In the box, type (or browse to) the following: X:\lacerte\09taxpln\setup09\tpsetup.exe(Use the correct drive letter and/or directory for your network if they’re not X:\lacerte.)

➍ In the Review Current Settings dialog, verify the settings, then click Install. Use the Back button if you need to make changes.

➎ When the Installation Complete dialog displays, click Launch.

➏ Repeat steps 1 through 5 on each applicable workstation.

Launching Tax PlannerTo launch Tax Planner for the fi rst time:

➊ On your Desktop, double-click the Lacerte Tax Planner icon:

Tax Planner starts and automatically displays the Plan Selection dialog box, like this:

➋ In the Plan Selection dialog box, select Create a New Plan, then go to page 5 to learn how to set up a new plan.

OR

Click Import a Lacerte Tax Client, then go to page 4 to learn how to import a Lacerte client.

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Using Your Lacerte Tax Clients

2 | Using Your Lacerte Tax ClientsIn this chapter…

Exporting a Lacerte Tax Client _____________________3

Importing a Lacerte Tax Client ____________________4

Exporting a Lacerte Tax ClientTo export a Lacerte Tax client to Tax Planner, you must be working in the current year Lacerte Tax program and exporting an existing 1040 client.

Notes: You can export ONLY one client at a time, but you can export the client from anywhere in the Lacerte Tax program (Client Tracker, Clients, Detail, Forms, Diagnostics, or Analysis). To change the plan setup after you export the client, fi nish this section, then go to page 6, Changing an Existing Plan.

To export a Lacerte Tax client:

➊ Start the current year Lacerte Individual Tax program.

➋ On the Clients screen, click the client you want to export.

➌ On the Tools menu, click Tax Planner.

➍ In the Lacerte Tax Planner Export dialog, click Export client 789 to the Tax Planner, then click OK.

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Importing a Lacerte Tax ClientTo import a Lacerte Tax client into Tax Planner, you must be working in Tax Planner and importing an existing 1040 client from the current year Lacerte Tax program.

Notes: You can import ONLY one client at a time. To change the plan setup after you import the client, fi nish this section, then go to page 6, Changing an Existing Plan.

To import a Lacerte Tax client:

➊ Start the Tax Planner.

➋ In the Plan Selection dialog, click Import a Lacerte Tax Client.

OR

On the File menu, click Import Tax Client.

➌ In Tax Planner Import, click the client you want to import, then click OK.

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Setting Up a Tax Plan

3 | Setting Up a Tax PlanIn this chapter…

Creating a New Tax Plan __________________________5

Changing an Existing Plan ________________________6

Setting Up Generic State Worksheets ______________7

Creating a New Tax PlanFollow these steps to create a new tax plan:

➊ On the File menu, click New.

➋ In the Plan Type area, click one of the following plan types. A preview of the plan automatically displays in the Sample box.

Note: If you selected Case/Year Analysis but you want the information presented in Year/Case format, click Group columns by year. If you want to use one scenario as the base year for all cases, click Single base year.

➌ In the Years and Cases area, select the beginning year, the total number of years in the plan, and the total number of cases. The Number of Cases box is applicable ONLY to a Case/Year Analysis.

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➍ In the State Information area, select a state ONLY if you are performing state tax calculations in this plan.

If you select NY, you can also include city worksheets by selecting New York City or Yonkers (if applicable).

Note: If you selected a generic state, fi nish steps 5 and 6 below, then go to page 7, Setting Up Generic State Worksheets.

➎ Complete all the information on the following tabs:

• Taxpayer and Spouse

• Dependents

• Contact Information

➏ Click OK.

Changing an Existing PlanAfter you import/export a Lacerte client or create a new plan, use the Plan Information dialog box whenever you want to modify the tax plan. The Plan Information dialog controls the setup of the plan, and contains important information about your client.

To access the Plan Information dialog box:

• Click File…Plan Information.

OR

• Click the Plan Info button on the toolbar .

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Setting Up a Tax Plan

The following shows where to change plan information:

Setting Up Generic State WorksheetsTax Planner allows you to set up state-specifi c worksheets for only the following states:

• Arizona • Massachusetts

• California • Minnesota

• Colorado • New Jersey

• Connecticut • New York

• Georgia • Ohio

• Illinois • Oklahoma

• Indiana • Oregon

• Louisiana • Wisconsin

• Maryland

Designate a single base year, or change the type of plan

Change the beginning year, or change the total number of years or cases

Change taxpayer and spouse information

Add or delete dependents

Add New York City worksheets

Add state worksheets

Change the client’s contact information

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For all other states, Tax Planner gives you the ability to set up a generic state to calculate state income tax. For generic states, Tax Planner does not set up state-specifi c worksheets. Therefore, generic states use the federal worksheets as a starting point for calculating state tax.

The Generic State Setup allows you to customize a list of adjustments, which Tax Planner then applies to the federal worksheets to arrive at state taxable income. To stay as consistent as possible with the state’s tax laws, you can turn any of the adjustments on or off as necessary.

For generic states, Tax Planner does NOT:

• Automatically calculate any specifi c credits or other taxes. If you want to include a specifi c item in the state tax calculation, you must manually enter it in the appropriate worksheet.

• Perform separate calculations for taxpayer and spouse income.

To set up a generic state:

➊ Go to File…Plan Information, and be sure the generic state is selected in the State Information area.

➋ Click OK.

➌ On the Settings menu, click Generic State Setup.

➍ In the Generic State box, select the state.

Note: The default settings for the selected state automatically display in the Generic State Setup dialog.

➎ Select or de-select the Additions, Subtractions, or Other Differences to Federal AGI for this state, then click OK. You can skip this step if you are satisfied with the default settings.

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Getting Around in Tax Planner

4 | Getting Around in Tax PlannerIn this chapter…

Navigating in Tax Planner _________________________9

Graphic Indicators on the Worksheets ____________ 10

Shortcut Keys ________________________________ 11

Navigating in Tax PlannerIt is important to understand that Tax Planner is a simple system of layered worksheets. The worksheets are layered in a hierarchical fashion: the higher level worksheets contain summary amounts, and the underlying worksheets contain more specifi c, itemized amounts. The following illustrates how to get around in the worksheets using your mouse or shortcut keystrokes.

There are four things you need to know to successfully navigate in Tax Planner:

➊ The Tabs represent the highest level worksheets, which are the main input sections.

➋ The Worksheet list shows all available worksheets for the selected tab, or main section.

➌ The Drill-down method allows you to:

• Get to the lower worksheet levels by double-clicking an amount with an underlying worksheet. These cells are indicated with a .

• Add a custom worksheet by double-clicking an amount at the lowest worksheet level. These cells are indicated with a .

➍ The Back button goes back to the worksheets you’ve previously accessed in your current Tax Planning session.

Please go to the following page to see an illustration…

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Graphic Indicators on the WorksheetsThese are graphic indicators you will see on the worksheets:

Graphic Meaning

Supporting worksheet exists below amount

You can create a custom worksheet for amount

Locked column, no entries allowed

Override amount, diagnostic exists for amount

A Critical or Informational diagnostic exists for amount

Red fl ag indicates that a fi eld note exists for amount

Tabs: Click the tabs to move through the main sections.

Shortcut: Press CTRL+TAB

Drill-down: Double-click a cell to go to the supporting worksheet.

Shortcut: Press CTRL+E, then ESC to go back

Back: Click the Back button to go to the previous worksheet.

Shortcut: Press ALT+LEFT ARROW

Worksheet list: Click an item in the list to open a worksheet in the current section.

Shortcut: Press ALT+W, then ENTER to select

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Getting Around in Tax Planner

Shortcut KeysThe following is a list of shortcut keys available on the worksheets.

Note: Standard shortcut keys are also listed on the toolbar menus. For example, the File menu displays CTRL+N as the shortcut for New.

Shortcut Purpose

CTRL+LEFT ARROWCTRL+SHIFT+TAB

Moves to the previous tab

CTRL+RIGHT ARROWCTRL+TAB

Moves to the next tab

CTRL+ENTERCTRL+E

Opens a supporting worksheet

LEFT ARROWRIGHT ARROW

Moves to the previous or next cell on the same row

UP ARROWDOWN ARROW

Moves to the previous or next row on the same column

CTRL+UP ARROWCTRL+DOWN ARROW

Moves up or down in the Worksheets list

ENTERMoves down on normal worksheetMoves right on activity worksheet

SHIFT+ENTERMoves up on normal worksheetMoves right on activity worksheet

TAB Moves to the next cell on the same row

ESC Goes up one worksheet level

ALT+LEFT ARROW Goes back to the last worksheet

CTRL+T Opens the list box on a cell with a down arrow

+ Opens the calculator

ALT+W Switches to the Worksheets list

ALT+I Switches to the Diagnostics

ALT+L Switches to the Watch List

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Entering Information

5 | Entering InformationIn this chapter…

Entering Data on the Worksheets ________________ 13

Entering Income Activities ______________________ 15

Entering Data on the WorksheetsIn Tax Planner, your entries and calculations on the lower level worksheets always fl ow up to the higher level worksheets in the Worksheets list. Use the following example to learn how deductions entered on the lowest level worksheet fl ow up to the highest level worksheet in the list.

ExampleTo enter deductions:

➊ Click the Deductions/Exemptions tab.

➋ In the Worksheets list, click Itemized Deduction Input, which is the lowest worksheet level.

➌ In Real Estate Taxes and Foreign Income Taxes, enter 3,257 and 5,879.

1. Click the Deductions / Exemptions tab.

3. Enter Real Estate and Foreign Income Taxes here.

2. Click Itemized Deduction Input.

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➍ Click Deductions. Notice that when you go up one worksheet level, the deduction entries are calculated in the Total Itemized Deductions cell, like this:

➎ Click US Deductions and Exemptions. Finally, when you go to the highest worksheet level, you will see the Total Itemized Deductions flow up to the Deductions cell, like this:

4. Click Deductions...

5. Click US Deductions and Exemptions...

The taxes fl ow up to Total Itemized Deductions.

The Total Itemized Deductions fl ow up to Deductions.

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Entering Information

Entering Income ActivitiesIncome is often derived from multiple activities (e.g., employers, payers) of a single income type (e.g., wages, dividends). Tax Planner’s Income worksheets allow you to easily take these situations into account. However, the Income worksheets function in a slightly different manner from other worksheets in Tax Planner. Use the following example to learn how to enter activities on an Income worksheet.

ExampleTo enter W-2 information:

➊ Click the Income tab.

➋ In the Worksheets list, click US Total Income...Wage Income...Wages.

➌ In the Employer box, type employer’s name.

➍ On the worksheet, enter the W-2 information.

➎ If you want to add another employer, click Add.

1. Click the Income tab.

2. Click Wages to add an employer to the list.

3. In the Employer box, type the employer’s name

4. Enter W-2 information on the worksheet for the new employer.

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Note: Next time you click Wages, the employers display below Wages and an Employer list displays in the worksheet area, like this:

From Wages, there are two ways to open the worksheet for an existing employer:

• In the Worksheets list, click the employer.

OR

• In the Employer list, double-click the employer.

In the Worksheets list, the employers display below Wages.

An Employer list also displays here.

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Setting Up a Report

6 | Setting Up a ReportIn this chapter…

Customizing a Report __________________________ 17

Printing the Report ____________________________ 17

Customizing a ReportTo customize a report that you can print:

➊ On the Reports menu, click Customize Plan Report or Customize Questionnaire Report.

➋ In the Reports list, select the report you want, or click the New Report button. For Plan Reports, you can also select one of the following reports, and then click the Duplicate button to use it as a template.

Select This To Print

Condensed A one-page summary

Tab-level A summary based on the tab-level worksheets

Applicable Items Only worksheets related to the items you entered

Full All worksheets in the plan

➌ To make changes to the selected report, click the Modify Report button on the right-hand side of the dialog, and then use the Modify Report dialog to do the following. (If you chose to create a new report, you’re already in this dialog!)

Button Purpose

Adds or removes an item from the report

Moves an items up or down in the print order

Show: All worksheets in the plan

➍ In the Modify Report dialog, click Save to save the report setup. The new setup will now display in the Reports list.

➎ Click the Header and Footer button to add headers and/or footers to the report.

➏ For Plan Reports, click the Plan Report Options button to control the information that prints on the worksheets, and to customize the fonts and formatting in the plan report.

Printing the ReportTo print the report:

• On the File menu, click Print, and then select Print Plan Report or Print Questionnaire Report.

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Glossary

GlossaryThe following is a list of terms that are used in Tax Planner.

Activity - Income items on worksheets that allow you to enter more than one item of a similar nature (such as wages, interest, dividends, and so on).

Case - One “what if” scenario containing one or more columns of data. For example, a case could be a stock sale set up for three years.

Custom Worksheet - A worksheet you can add for an amount at the lowest level of input to show more detail. You can add a custom worksheet for any amount with a . Custom worksheets are similar to the Code Notes (CTRL+E) feature in the Lacerte Tax program.

Diagnostic - A notifi cation under the Diagnostics tab that alerts you to any carryovers or override amounts in the plan. A diagnostic exists for any amount with a . A Critical diagnostic exists for any amount with a . An Informational diagnostic exists for any amount with a .

Drill-down - Double-clicking an amount to get to its supporting worksheet. You can drill-down on any amount with a .

Field Note - A text description you can enter for any cell in Tax Planner. The cell is marked with a red fl ag to indicate that a fi eld note exists.

Generic State - A state for which Tax Planner does not set up state-specifi c worksheets. Therefore, generic states use the federal worksheets as a starting point for calculating state tax. The generic state setup allows you to customize a list of adjustments, which Tax Planner then applies to the federal worksheets to arrive at state taxable income.

Keyword - A placeholder that represents one worksheet item or one informational item. Use keywords to insert data into your custom documents, graphs, or headers/footers without having to type the information.

Override - An amount has been entered in a cell that would normally be automatically calculated. The program uses the override entry in any applicable calculations. Override amounts are indicated with a , and a diagnostic exists for all overrides.

Plan - One set of cases, or “what if” scenarios, that represent future projections of tax-related data based on amounts entered on the worksheets. A plan is one fi le in Tax Planner.

Plan Report - This is a printed copy of the plan that you show to the client. It can be a one page summary or a detailed, multi-page report containing custom documents and graphs.

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Scenario - One single column of data within a case.

Single Base Year - A feature that provides a simple way to set up an effi cient worksheet view when working in a Case/Year (or Year/Case) Analysis. It reduces the number of scenarios on the worksheet by allowing all cases to use base year data, which simplifi es input locations, reduces data entry errors, and saves screen real estate.

Specifi c State - A state for which Tax Planner sets up state-specifi c worksheets. These states include Arizona, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Louisiana, Maryland, Massachusetts, Minnesota, New Jersey, New York, Ohio, Oklahoma, Oregon, and Wisconsin.

Template - A fi le that you can use as a pattern for creating custom documents or graphs in a plan report. They store your settings and layout, preventing you from having to repeat work you’ve already done.

Watch List - A quick reference list at the bottom of the Tax Planner screen that you can customize. It allows you to see the immediate effects that your data entry and adjustments have on certain items.

Worksheet - This is the method for entering data in Tax Planner. Worksheets are organized in layers with the higher level worksheets containing summary amounts, and the lower level worksheets containing detailed amounts. Amounts fl ow up to the summary levels from the lower level worksheets.