src/fed2019/Form1116.test.ts

   1 // Copyright 2020 Blue Static <https://www.bluestatic.org>
   2 // This program is free software licensed under the GNU General Public License,
   3 // version 3.0. The full text of the license can be found in LICENSE.txt.
   4 // SPDX-License-Identifier: GPL-3.0-only
   5
   6 import { Person } from '../core';
   7 import { UnsupportedFeatureError } from '../core/Errors';
   8
   9 import Form1040, { FilingStatus } from './Form1040';
  10 import Form1116, { ForeignIncomeCategory } from './Form1116';
  11 import Form1099B, { GainType } from './Form1099B';
  12 import Form1099DIV from './Form1099DIV';
  13 import Form8949 from './Form8949';
  14 import W2 from './W2';
  15 import TaxReturn from './TaxReturn';
  16 import ScheduleD from './ScheduleD';
  17
  18 test('supported income category', () => {
  19   const p = Person.self('A');
  20   const tr = new TaxReturn();
  21   const f = new Form1116({
  22     person: p,
  23     incomeCategory: ForeignIncomeCategory.C,
  24     posessionName: "RIC",
  25     grossForeignIncome: 100,
  26     totalForeignTaxesPaidOrAccrued: 0
  27   });
  28   tr.addForm(f);
  29   expect(f.getValue(tr, 'category')).toBe(ForeignIncomeCategory.C);
  30 });
  31
  32 test('unsupported income categories', () => {
  33   for (const category of Object.values(ForeignIncomeCategory)) {
  34     if (category == ForeignIncomeCategory.C)
  35       continue;
  36
  37     const p = Person.self('B');
  38     const tr = new TaxReturn();
  39     const f = new Form1116({
  40       person: p,
  41       incomeCategory: category,
  42       posessionName: "RIC",
  43       grossForeignIncome: 100,
  44       totalForeignTaxesPaidOrAccrued: 0
  45     });
  46     tr.addForm(f);
  47     expect(() => f.getValue(tr, 'category')).toThrow(UnsupportedFeatureError);
  48   }
  49 });
  50
  51 test('foreign tax credit', () => {
  52   const p = Person.self('A');
  53   const tr = new TaxReturn();
  54   tr.addForm(new Form1040({
  55     filingStatus: FilingStatus.MarriedFilingJoint
  56   }));
  57   tr.addForm(new W2({
  58     employer: 'ACME',
  59     employee: p,
  60     wages: 697000,
  61   }));
  62
  63   const f = new Form1116({
  64     person: p,
  65     incomeCategory: ForeignIncomeCategory.C,
  66     posessionName: "RIC",
  67     grossForeignIncome: 99,
  68     totalForeignTaxesPaidOrAccrued: 14
  69   });
  70   tr.addForm(f);
  71
  72   expect(f.getValue(tr, '1a')).toBe(99);
  73   expect(f.getValue(tr, '3a')).toBe(24400);
  74   expect(f.getValue(tr, '3c')).toBe(24400);
  75   expect(f.getValue(tr, '3d')).toBe(99);
  76   expect(f.getValue(tr, '3e')).toBe(697000);
  77   expect(f.getValue(tr, '3f')).toBe(0.0001);
  78   expect(f.getValue(tr, '3g')).toBeCloseTo(2.44);
  79   expect(f.getValue(tr, '6')).toBeCloseTo(2.44);
  80   expect(f.getValue(tr, '7')).toBeCloseTo(96.56);
  81   expect(f.getValue(tr, '8')).toBe(14);
  82   expect(f.getValue(tr, '9')).toBe(14);
  83   expect(f.getValue(tr, '14')).toBe(14);
  84   expect(f.getValue(tr, '20')).toBe(((697000-24400) * 0.37) - 61860);
  85   expect(f.getValue(tr, '21')).toBeCloseTo(26.846);
  86   expect(f.getValue(tr, '22')).toBe(14);
  87   expect(f.getValue(tr, '31')).toBe(14);
  88   expect(f.getValue(tr, '33')).toBe(14);
  89 });
  90
  91 test('no net capital losses in total income', () => {
  92   const p = Person.self('A');
  93   const tr = new TaxReturn();
  94   tr.addPerson(p);
  95   tr.addForm(new Form1040({
  96     filingStatus: FilingStatus.MarriedFilingJoint
  97   }));
  98   tr.addForm(new W2({
  99     employer: 'Megacorp',
 100     employee: p,
 101     wages: 200000
 102   }));
 103   tr.addForm(new Form1099B({
 104     payer: 'Brokerage',
 105     payee: p,
 106     description: 'SCHF',
 107     proceeds: 100,
 108     costBasis: 50,
 109     gainType: GainType.LongTerm,
 110     basisReportedToIRS: true
 111   }));
 112   tr.addForm(new Form1099B({
 113     payer: 'Brokerage',
 114     payee: p,
 115     description: 'SCHE',
 116     proceeds: 60,
 117     costBasis: 100,
 118     gainType: GainType.ShortTerm,
 119     basisReportedToIRS: true
 120   }));
 121   tr.addForm(new Form8949);
 122   tr.addForm(new ScheduleD);
 123
 124   const f = new Form1116({
 125     person: p,
 126     incomeCategory: ForeignIncomeCategory.C,
 127     posessionName: 'RIC',
 128     grossForeignIncome: 200,
 129     totalForeignTaxesPaidOrAccrued: 65
 130   });
 131
 132   expect(tr.getForm(Form8949).getValue(tr, 'boxA').gainOrLoss).toBe(-40);
 133   expect(tr.getForm(Form8949).getValue(tr, 'boxD').gainOrLoss).toBe(50);
 134   expect(f.getValue(tr, '3e')).toBe(200050);
 135 });