Drake Planner 2018 MFS warning

[John of PA]

I notice the Drake Planner for 2018, while correctly limiting the Sch A taxes deduction to 10,000, does not properly lower that limit to 5,000 for Married Filing Separate filing status. Just a heads up.

[ATSMAN]

I notice the Drake Planner for 2018, while correctly limiting the Sch A taxes deduction to 10,000, does not properly lower that limit to 5,000 for Married Filing Separate filing status. Just a heads up.

The Drake Planner is still work in progress and there has been a lot of discussion on the Drake board to use the results with lot's of caveats.

[John of PA]

Thank you Astman. I have found the planner helpful in setting up 2018 Estimated and liked what it did include from the new tax law.

[ATSMAN]

Thank you Astman. I have found the planner helpful in setting up 2018 Estimated and liked what it did include from the new tax law.

I am taking a much more cautious approach for 2018 estimated taxes for returns that have both W2/1099-R withholdings and ES. My recommendation is to keep the ES about the same as 2017 because the W2/1099-R withholdings were already adjusted by the payer.

I would hate to see a client in a situation where there balance due exceeds expectation and possibly get hit with a penalty!