PolicyEngine / PolicyEngine/policyengine-taxsim
US joint -294Kpsemp 7Kssemp 159intrec -4403Kscorp
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- Dominant language
- Python
- Stars
- 17
- Forks
- 10
- Avg merge
- 15h 55m
- Merged PRs (30d)
- 1
Description
See http://taxsim.nber.org/out2psl/1003
This is why we need help with pass-through income from a tax specialist.
The psemp and scorp losses are limited as I understand it depending on the material participation and at-risk situation. I think we should consider scorp to have no material participation (so it can have no FICA also) and all capital at risk. I don't think this is the PE treatment, though I can't figure out exactly what PE is doing. Then psemp an sssemp are subject to FICA and have material participation.
Can I ask you to fill out the 1040, 461 and other income forms and send them to me? Then I will know exactly what is happening. If you just describe it to me, I probably won't understand and it will take a lot of back and forth to settle on a common treatment.
Thanks
Contributor guide
First steps
- Read the whole issue, then the project's contributing guide.
- Comment on the issue to say you are picking it up — it saves two people doing the same work.
- Fork the repository and make your change on a branch.
- Open a pull request that references the issue number.
Research direction
Start with the TAXSIM output linked at http://taxsim.nber.org/out2psl/1003 and trace how the pass-through income, psemp, sssemp, and scorp losses are treated. Review the requested 1040 and 461 results and clarify the material-participation, at-risk, and FICA assumptions. Done means the emulator's output has an agreed treatment for these cases.
Written by the indexing model from the issue text.
Assessment
- Tech stack
- python
- Domain
- fintech-quant
- Issue type
- Bug
- Difficulty
- 5/5
- Estimated time
- Over a week
- Activity status
- Quiet
- Clarity
- Needs clarification
- Newbie friendliness
- 20/100