Microsoft KB Archive/176111

Money: Tax Worksheet: Mortgage Interest Is Only Past Values

PSS ID Number: Q176111 Article last modified on 08-18-1998

WINDOWS:98,99

WINDOWS

================================================================ ==

The information in this article applies to:

 Microsoft Money 99 == Microsoft Money 98 == 

= SYMPTOMS =

The Tax Worksheet may estimate mortgage interest incorrectly.

The Mortgage Interest field of the Tax Worksheet may be incorrectly estimated if a bill exists for the mortgage payment in the Bill Calendar.

The estimate will be calculated as only those payments to mortgage interest which have already been entered into the account register. No future mortgage interest payments are taken into account so the estimate will always be low.

= RESOLUTION =

Manually increase the mortgage interest amount by entering the value into the Mortgage Interest field.

To determine the amount of mortgage interest that should be entered, use the appropriate method for your version of Money.

Steps for Money 99
  Click Reports on the navigation bar, click What I Owe, and then click Loan Amortization.   At the bottom of the screen, click Reset. If this button is unavailable, contine to step 4.   Click Yes to confirm the reset.   Click Go To Report/Chart.   At the bottom of the screen, click Customize. </li>  Click the Date tab. In the Range list, click Current Year. </li>  Click the Account tab and click the appropriate loan account. </li>  Click Apply and then click OK to view the report. The Grand Total amount for Interest is the amount that you should enter into the Tax Worksheet for Mortgage Interest. </li>  Repeat steps 1-8 for any other mortgages you may have </li></ol>

Steps for Money 98
<ol style="list-style-type: decimal;">  Click Reports on the navigation bar, click What I Owe, and double-click the Loan Amortization report. </li>  At the bottom of the report, click Customize. </li>  Change the Date Range to Current Year by selecting it from the list. </li>  In the “Include transactions from loan” list, select the loan from the list. </li>  Click View to see the report. The Grand Total amount for Interest is the amount that you should enter into the tax worksheet for Mortgage Interest. </li>  Repeat steps 1-5 for any other mortgages you may have. </li></ol>

Additional query words: w_money 6.0 7.0 loan taxes hat worksheet Investments Reports ====================================================================== Keywords : kbdta Version : WINDOWS:98,99 Platform : WINDOWS Issue type : kbprb ============================================================================= Copyright Microsoft Corporation 1998.