1040 Edition - 2025

Limitations

• Form 1062 - Deferral of Tax on Gain From the Sale or Exchange of Qualified Farmland Property to Qualified Farmers not released. Prevents e-file and printing.

Changes

• 03/26/2026 Release
  • Straight-line depreciation: For SL assets prior year depreciation is no longer imported.
  • Joint vs. Separate filing comparison updated: If you're married, the tool that helps determine whether filing jointly or separately is better for you has been refined. It now considers only the Voluntary Life Insurance deduction (rather than tips, overtime, VLI, and senior deductions combined) when comparing the two filing statuses. This may change the recommendation you see, but does not change your actual tax amounts.
  • Child Tax Credit calculation improved: The Child Tax Credit calculation was updated to use a centralized value instead of a hard-coded amount. If the credit remains $2,000 per qualifying child, you won't notice any difference. This change ensures the system can adapt more quickly if Congress changes the credit amount.
  • Dependent care credit eligibility expanded: The dependent care credit now checks whether your dependent has a valid taxpayer ID (not just a Social Security Number). If your dependent has an ITIN or other qualifying ID, they may now qualify for the credit -- potentially increasing your refund.
  • Overtime and tip income rounding corrected: A rounding issue was fixed for overtime and tip income reported on W-2s, 1099-MISC, and 1099-NEC forms. Previously, amounts were rounded to whole dollars too early in the calculation. This fix may cause small (a few dollars) differences in your adjusted gross income if you have qualified overtime or tip income.
  • Section 1256 contract support added: If you import investment data electronically, and have Section 1256 contracts (regulated futures, foreign currency contracts, etc.), the system now properly captures those profit and loss amounts. You'll also see a reminder if contract data is present but Form 6781 hasn't been added to your return.
  • Prior-year comparison on income cards: You can now see last year's amounts alongside this year's for dividends, interest, retirement distributions, W-2 wages, railroad retirement, and other income -- making it easier to spot differences.
  • Improved import flows: Importing Schedule K-1 data via document scanning and importing investment income electronically have been streamlined.
  • Form 8915-F display fix: The spouse's name now displays correctly on the disaster distribution worksheet description.
  • Various alert and validation improvements: New warnings added for Form 8621 negative amounts, Form 8911A depreciation issues, and other edge cases to help catch errors before filing.
  • Print and e-file formatting fixes: Minor corrections to how certain forms print and transmit electronically, with no effect on calculated amounts.

• 03/12/2026 Release
  • Child Tax Credit (CTC): Fixed an issue where dependents with SSNs not valid for employment were incorrectly qualifying for the Child Tax Credit.
  • ADS Straight-Line Depreciation: Corrected a rounding issue in ADS (Alternative Depreciation System) calculations.
  • Bonus Depreciation Statement: Fixed the print output for the No Bonus Election statement so it now renders correctly.
  • State Depreciation Worksheet: Fixed a rounding issue on the state depreciation worksheet.
  • Schedule A (1040-NR): Multiple fixes to Schedule A routing and calculations for nonresident returns and wayfinding dashboards.
  • 1099-Q Box 4b: Added the previously missing Box 4b field to Form 1099-Q — now available in the form, interview, and calculations.
  • Luxury Auto Limits: Updated luxury vehicle depreciation limits for tax year 2026 future depreciation projections.
  • W-2 Topics: Added a new page for topics automatically created from W-2 data entry, streamlining the interview for wage earners. (Removed legacy W-2 icons.)
  • OCR Import Improvements: Text clarification and field math corrections for OCR-imported documents.
  • Form 1099-DA - Add alert if ‘Various’ for date sold.

1041 Edition - 2025

Limitations

• Form 1062 - Deferral of Tax on Gain From the Sale or Exchange of Qualified Farmland Property to Qualified Farmers not released. Prevents e-file and printing.
• Form 8933 - Carbon Dioxide Sequestration Credit not released. Prevents e-file and printing.

Changes

• 03/12/2026
  • Enabled the Amended Return question-and-answer interview flow.
  • Updated the SALT (State and Local Tax) deduction worksheet to reflect re-released IRS instructions.
  • ADS Straight-Line Depreciation: Corrected a rounding issue in ADS (Alternative Depreciation System) calculations.
  • Bonus Depreciation Statement: Fixed the print output for the No Bonus Election statement so it now renders correctly.
  • State Depreciation Worksheet: Fixed a rounding issue on the state depreciation worksheet.
  • Form 1099-DA - Add alert if ‘Various’ for date sold.

1065 Edition - 2025

Limitations

• Form 1062 - Deferral of Tax on Gain From the Sale or Exchange of Qualified Farmland Property to Qualified Farmers not released. Prevents e-file and printing.

Changes

• 03/12/2026
  • Form 3468 - Corrected the form not printing when only Part V was present.
  • Form 8825 - Corrected the form not printing in certain situations.
  • Add a Partner list to the interview.
  • ADS Straight-Line Depreciation: Corrected a rounding issue in ADS (Alternative Depreciation System) calculations.
  • Bonus Depreciation Statement: Fixed the print output for the No Bonus Election statement so it now renders correctly.
  • State Depreciation Worksheet: Fixed a rounding issue on the state depreciation worksheet.
  • Form 1099-DA - Add alert if ‘Various’ for date sold.

1120 Edition - 2025

Limitations

• Form 1062 - Deferral of Tax on Gain From the Sale or Exchange of Qualified Farmland Property to Qualified Farmers not released. Prevents e-file and printing.

Changes

• 03/12/2026
  • ADS Straight-Line Depreciation: Corrected a rounding issue in ADS (Alternative Depreciation System) calculations.
  • Bonus Depreciation Statement: Fixed the print output for the No Bonus Election statement so it now renders correctly.
  • State Depreciation Worksheet: Fixed a rounding issue on the state depreciation worksheet.
  • Form 1099-DA - Add alert if ‘Various’ for date sold.
  • Short Year Depreciation: Fixed an issue where depreciation was not being prorated correctly for short-year 1120 returns.
  • Schedule C Worksheet: Corrected calculation on Sch C worksheet line 29.

1120S Edition - 2025

Limitations

• Form 1062 - Deferral of Tax on Gain From the Sale or Exchange of Qualified Farmland Property to Qualified Farmers not released. Prevents e-file and printing.

Changes

• 03/12/2026
  • Form 3468 - Corrected the form not printing when only Part V was present.
  • Form 8825 - Corrected the form not printing in certain situations.
  • ADS Straight-Line Depreciation: Corrected a rounding issue in ADS (Alternative Depreciation System) calculations.
  • Bonus Depreciation Statement: Fixed the print output for the No Bonus Election statement so it now renders correctly.
  • State Depreciation Worksheet: Fixed a rounding issue on the state depreciation worksheet.
  • Form 1099-DA - Add alert if ‘Various’ for date sold.

990 Edition - 2025

Limitations

• None

Changes

• 03/12/2026
  • Corrected a print layout issue on page 2 of Form 990-PF.
  • ADS Straight-Line Depreciation: Corrected a rounding issue in ADS (Alternative Depreciation System) calculations.
  • Bonus Depreciation Statement: Fixed the print output for the No Bonus Election statement so it now renders correctly.
  • State Depreciation Worksheet: Fixed a rounding issue on the state depreciation worksheet.