The Last Year Comparison worksheet allows you to compare this year’s income and deductions to last year’s. The worksheet calculates the differences between the two and states it as a percentage increase or decrease. This tool is available for 1040, 1041, 1065, 1120, and 1120S returns.
To use the Last Year Comparison worksheet
1. Open your client’s return.
2. On the Forms menu, point to Planning and Analysis, and then click Last Year Comparison.
3. Review the amounts in the Prior Year and Current Year columns. If necessary, make changes to the Prior Year amounts. The Current Year amounts are from this year’s forms and schedules. Be sure to review both pages of the worksheet.
In order for the Prior Year column to contain last year’s amounts, you must have included the Comparison worksheet in last year’s return. When you roll over last year’s return to this year, the Comparison worksheet and the prior year amounts will roll over with the return.
If you did not roll over the Comparison worksheet from last year, you can enter amounts directly in the Prior Year column.