The Taxpayer and Spouse Scenario form allows you to compare three different scenarios per couple.
There are two ways to complete the form.
Option 1 – Enter data from the current return
Here are the steps to follow to create one or more scenarios by entering data in the active return. We recommend that you make a copy of the return before using the Tax Scenarios Worksheet.
Step 1:
Enter data in the slips and forms (for example, T4, T5, T2125) to obtain the results of the first scenario for the taxpayer and spouse.
Step 2:
Copy the results in the first column to the column of your choice in order to store the results of the first scenario. To copy from one column to the other, press Ctrl+F10. (For CCH iFirm Tax, click the Scenarios button of the column to which you want to transfer data entered in the first column.)
Step 3:
Modify the values in the slips and forms and repeat, as needed, step 2 to move the results of this new scenario to the column of your choice.
You can use the Tax Scenarios Worksheet to evaluate your clients’ tax situation for next year using the Planner mode.
Option 2 – Enter data from the Scenarios form
Scenarios can be created without using forms in the active return. Some fields were chosen to allow you to quickly and simultaneously create many scenarios.
To modify the value in a field not listed in the drop-down list, use option 1 and enter your data in the active return.
Here are the steps to follow to create scenarios using option 2.
Step 1:
Choose the rate that you would like to use in the calculations of your scenarios. You can choose either the current-year or subsequent-year rates (available for option 2 only).
Step 2:
Import data of the taxpayer’s or the spouse’s active return into the first column (Scenario 1) by clicking the Import data from the active return button. The items of the drop-down list for which an amount is entered in the active return will display.
Step 3:
Use the drop-down list to add data or modify existing data.
Step 4:
Copy data from the first column (Scenario 1) into the other columns. To do so click the Scenario button of the column into which you would like to transfer data entered in the first column. You can then modify the copied data or add other data.
Step 5:
Click Calculate once your modifications are done so that the program can calculate and display the results of the scenarios taking into account all data entered under each scenario as well as data of the active return.
If you want to modify one or more data items in the scenario, click the Calculate button once more for the scenarios to take these changes into account.
To delete data of a scenario transferred to a column, click the Delete button at the top of the column.