TaxACT 2001 Software Update Information
TaxACT Federal Version 1.5 Updates (Released 4/5/2002)
For Standard, Deluxe, and Preparer's 1040
Form Updates:
- Form 2106 and Form 4562 have been updated to recognize the retroactive tax law change from the Job Creation and Workers Assistance Act of 2002 related to depreciation. Qualifying assets placed in service after 9/10/2001 are allowed to receive a special 30% bonus depreciation deduction. The update also includes the additional depreciation allowance of $4,600 for qualifying vehicles placed in service after 9/10/2001.
- Form 1099-R has been updated to recognize $0 as a valid entry for the taxable amount when the payer has already made the taxable determination.
- Form W-2 QnA clarified question pertaining to New York State & Municipal Employee's 414h Contributions.
Final Forms Released:
- Released Final 2002 W-4 Form
- Released Final 2002 Form 1040 ES (Estimated Tax Vouchers)
- Released Final 2001 Form 2210
Printing Updates:
- Updated the printing of a suffix (Jr., Sr., III, etc...) as part of a taxpayer's name on the Form 1040, 1040A and 1040EZ.
Electronic Filing Updates:
- A new direct-entry field on Other Income Worksheet and a question in the QnA has been added to allow taxpayers to report gambling winnings that were not reported on Form W-2G.
Other Report Updates:
- The Joint vs. Separate Report has been updated to deduct the correct 2001 standard deduction amount for taxpayers over 65 or blind.
