Tax Cycle Team Check please, Tax Cycle is calculating Wrong numbers at " Determination of Proration requirements for immigrants and Emigrants."
See Attached
I am preparing 2021 Tax Return
and for RC151 and RC66
Income Prior Year for 260,000 (INR) should be 4706 for 2020 but Calculating 4409.60
Income Second Prior Year 300,000 (INR) should be 5655 and calculating 5088 2024-03-01_17-07-03.pdf (88.0 KB)
In TaxCycle 2021, if you entered an amount in the Foreign column, it used the same current year exchange rate that was selected in the middle of the Immigrant/emigrant worksheet. If that rate is not reasonable, you are best to enter a converted amount in the Canadian column.
In TaxCycle 2022, we added a separate exchange rate field for each year so that the Foreign column would be more functional.