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TaxAct Federal Version 1.09 Updates

For Individual 1040 (Released June 29, 2016)

Update:
  • A modification has been made to the applicable decimal amount for head of household filers on Form 8880.

TaxAct Federal Version 1.08 Updates

For Individual 1040 (Released April 7, 2016)

Update:
  • Added Final Release of newly released Form 14039 — Identity Theft Affidavit

TaxAct Federal Version 1.07 Updates

For Individual 1040 (Released March 24, 2016)

Update:
  • An option has been added to shut off the calculations for the American Opportunity Credit, Child Tax Credit and Earned Income Credit when a taxpayer, spouse or dependent does not have an identification number by the due date of the return.

TaxAct Federal Version 1.06 Updates

For Preparer 1040 (Released March 10, 2016)

Update:
  • A modification has been made to the self-employed health insurance deduction adjustment in relation to the premium tax credit for businesses with no net profit.
  • A modification has been made to nondeductible traditional IRAs that were contributed and withdrawn in the same year with no prior year basis.

For Individual 1040 (Released March 10, 2016)

Update:
  • A modification has been made to the self-employed health insurance deduction adjustment in relation to the premium tax credit for businesses with no net profit.
  • A modification has been made to nondeductible traditional IRAs that were contributed and withdrawn in the same year with no prior year basis.

TaxAct Federal Version 1.05 Updates

For Preparer 1040 (Released February 26, 2016)

Update:
  • A modification has been made to the additional exemption amount for purposes of the taxable state refund calculation.
  • A modification has been made to the premium tax credit using the alternative tax calculation.

For Individual 1040 (Released February 26, 2016)

Update:
  • A modification has been made to the additional exemption amount for purposes of the taxable state refund calculation.
  • A modification has been made to the premium tax credit using the alternative tax calculation.

TaxAct Federal Version 1.04 Updates

For Preparer 1040 (Released February 10, 2016)

Form Releases:
  • Form 1040-ES(NR) — 2016 Estimated Tax Worksheet
  • Form 8936 — Qualified Plug-in Electric Drive Motor Vehicle Credit

For Individual 1040 (Released February 10, 2016)

Form Releases:
  • Form 1040-ES(NR) — 2016 Estimated Tax Worksheet
  • Form 8936 — Qualified Plug-in Electric Drive Motor Vehicle Credit

TaxAct Federal Version 1.03 Updates

For Preparer 1040 (Released January 27, 2016)

Update:
  • A modification has been made to round entries on Form 1099-K
  • A modification has been made to the standard deduction calculation for dependents on someone else's tax return
  • A modification has been made to populate installment sales on Form 4797
Form Releases:
  • Form 1040-ES — 2016 Estimated Tax Worksheet
  • Form 1040-X — Amended U.S. Individual Income Tax Return
  • Form 6478 — Biofuel Producer Credit
  • Form 6765 — Credit for Increasing Research Activities
  • Form 8835 — Renewable Electricity, Refined Coal, and Indian Coal Production Credit
  • Form 8844 — Empowerment Zone Employment Credit
  • Form 8845 — Indian Employment Credit
  • Form 8864 — Biodiesel and Renewable Diesel Fuels Credit
  • Form 8900 — Qualified Railroad Track Maintenance Credit
  • Form 8908 — Energy Efficient Home Credit
  • Form 8911 — Alternative Fuel Vehicle Refueling Property Credit
  • Form 8923 — Mine Rescue Team Training Credit
  • Form 982 — Reduction of Tax Attributes Due to Discharge of Indebtness

For Individual 1040 (Released January 27, 2016)

Update:
  • A modification has been made to round entries on Form 1099-K
  • A modification has been made to the standard deduction calculation for dependents on someone else's tax return
  • A modification has been made to populate installment sales on Form 4797
Form Releases:
  • Form 1040-ES — 2016 Estimated Tax Worksheet
  • Form 1040-X — Amended U.S. Individual Income Tax Return
  • Form 6478 — Biofuel Producer Credit
  • Form 6765 — Credit for Increasing Research Activities
  • Form 8835 — Renewable Electricity, Refined Coal, and Indian Coal Production Credit
  • Form 8844 — Empowerment Zone Employment Credit
  • Form 8845 — Indian Employment Credit
  • Form 8864 — Biodiesel and Renewable Diesel Fuels Credit
  • Form 8900 — Qualified Railroad Track Maintenance Credit
  • Form 8908 — Energy Efficient Home Credit
  • Form 8911 — Alternative Fuel Vehicle Refueling Property Credit
  • Form 8923 — Mine Rescue Team Training Credit
  • Form 982 — Reduction of Tax Attributes Due to Discharge of Indebtness

For Partnership–LLC 1065 (Released March 25, 2016)

Update:
  • A modification has been made to print Form 4797 when no sales of business property exist other than from Form 4684

For S Corporation 1120S (Released March 25, 2016)

Update:
  • A modification has been made to print Form 4797 when no sales of business property exist other than from Form 4684

For C Corporation 1120 (Released March 25, 2016)

Update:
  • A literal has been added to Form 1120 when Form 4797 is not required to be printed

TaxAct Federal Version 1.02 Updates

For Preparer 1040 (Released January 14, 2016)

Update:
  • A modification has been made to shut off the earned income credit for taxpayers' with qualifying children that do not have valid social security numbers based on new IRS guidance
  • A modification has been made to the underpayment penalty calculation to account for leap year
Form Releases:
  • Form 4136 — Credit for Tax Paid on Fuels
  • Form 6251 — Alternative Minimum Tax
  • Form 8689 — Allocation of Individual Income Tax to the U.S. Virgin Islands
  • Form 8917 — Tuition and Fees Deduction

For Partnership–LLC 1065 (Released March 2, 2016)

Update:
  • A modification has been made to the reporting of assets sold on Form 4797
  • A modification has been made to the printing of Form 8825

For S Corporation 1120S (Released March 2, 2016)

Update:
  • A modification has been made to the reporting of assets sold on Form 4797
  • A modification has been made to the printing of Form 8825

For C Corporation 1120 (Released March 2, 2016)

Update:
  • A modification has been made to the reporting of assets sold on Form 4797
  • A modification has been made to the reporting of Form 2439 on Schedule D

For Tax-Exempt Organizations 990 (Released April 5, 2016)

Update:
  • Modification has been made to Form 990–PF Part XIII Line 4e and Line 10
  • Modification has been made to print on Form 990 Part VII, 990–EZ Part IV and VI, and 990–PF Part VIII
  • Modification has been made to the extension due date on Form 8868 for corporations required to file Form 990–T
  • Modification has been made to Form 990–T estimated payments and underpayment penalty.

TaxAct Federal Version 1.01 Updates

For Preparer 1041 (Released February 26, 2016)

Update:
  • A modification has been made to tax-exempt income included in total distributions on Schedule I
  • A modification has been made to the net operating loss classification Worksheet to report attorney, accountant, and return preparer fees
Form Releases:
  • 2210-F — Underpayment of Estimated Tax by Farmers and Fishermen
  • 3115 — Application for Change in Accounting Method
  • 4136 — Credit for Federal Tax Paid On Fuels
  • 5884 — Work Opportunity Credit
  • 6478 — Biofuel Producer Credit
  • 6765 — Credit for Increasing Research Activities
  • 8835 — Renewable Electricity, Refined Coal, and Indian Coal Production Credit
  • 8844 — Empowerment Zone Employment Credit
  • 8845 —Indian Employment Credit
  • 8864 — Biodiesel and Renewable Diesel Fuels Credit
  • 8900 — Qualified Railroad Track Maintenance Credit
  • 8908 — Energy Efficient Home Credit
  • 8910 — Alternative Motor Vehicle Credit
  • 8911 — Alternative Fuel Vehicle Refueling Property Credit
  • 8923 — Mine Rescue Team Training Credit
  • 8936 — Qualified Plug-in Electric Drive Motor Vehicle Credit

For Individual 1041 (Released February 26, 2016)

Update:
  • A modification has been made to tax-exempt income included in total distributions on Schedule I
  • A modification has been made to the net operating loss classification Worksheet to report attorney, accountant, and return preparer fees
Form Releases:
  • 2210-F — Underpayment of Estimated Tax by Farmers and Fishermen
  • 3115 — Application for Change in Accounting Method
  • 4136 — Credit for Federal Tax Paid On Fuels
  • 5884 — Work Opportunity Credit
  • 6478 — Biofuel Producer Credit
  • 6765 — Credit for Increasing Research Activities
  • 8835 — Renewable Electricity, Refined Coal, and Indian Coal Production Credit
  • 8844 — Empowerment Zone Employment Credit
  • 8845 —Indian Employment Credit
  • 8864 — Biodiesel and Renewable Diesel Fuels Credit
  • 8900 — Qualified Railroad Track Maintenance Credit
  • 8908 — Energy Efficient Home Credit
  • 8910 — Alternative Motor Vehicle Credit
  • 8911 — Alternative Fuel Vehicle Refueling Property Credit
  • 8923 — Mine Rescue Team Training Credit
  • 8936 — Qualified Plug-in Electric Drive Motor Vehicle Credit

For Partnership–LLC 1065 (Released January 27, 2016)

Update:
  • A modification has been made to include Section 179 expense on Form 4797 gain or loss
Form Releases:
  • Form 3115 — Application for Change in Accounting Method
  • Form 5471 — Information Return of U.S. Persons With Respect to Certain Foreign Corporations
  • Form 5884 — Work Opportunity Credit
  • Form 6478 — Biofuel Producer Credit
  • Form 6765 — Credit for Increasing Research Activities
  • Form 8835 — Renewable Electricity, Refined Coal and Indial Coal Production Credit
  • Form 8844 — Empowerment Zone Empmloyment Credit
  • Form 8845 — Indian Employment Credit
  • Form 8910 — Alternative Motor Vehicle Credit

For S Corporation 1120S (Released January 27, 2016)

Update:
  • A modification has been made to include Section 179 expense on Form 4797 gain or loss
Form Releases:
  • Form 3115 — Application for Change in Accounting Method
  • Form 4136 — Credit for Taxes Paid on Biofuels
  • Form 5471 — Information Return of U.S. Persons With Respect to Certain Foreign Corporations
  • Form 5884 — Work Opportunity Credit
  • Form 6478 — Biofuel Producer Credit
  • Form 6765 — Credit for Increasing Research Activities
  • Form 8835 — Renewable Electricity, Refined Coal, and Indian Coal Production Credit
  • Form 8844 — Empowerment Zone Employment Credit
  • Form 8845 — Indian Employment Credit
  • Form 8910 — Alternative Motor Vehicle Credit

For C Corporation 1120 (Released January 27, 2016)

Update:
  • A modification has been made to include Section 179 expense on Form 4797 gain or loss
  • A modification has been made to round entries on Form 8827
Form Releases:
  • Form 2220 — Underpayment of Estimated Tax by Corporation
  • Form 2220 Schedule AI — Annualized Income Installment Method
  • Form 3115 — Application for Change in Accounting Method
  • Form 4136 — Credit for Taxes Paid on Fuels
  • Form 5471 — Information Return of U.S. Persons With Respect to Certain Foreign Corporations
  • Form 5884 — Work Opportunity Credit
  • Form 6478 — Biofuel Producer Credit
  • Form 6765 — Credit for Increasing Research Activities
  • Form 8827 — Credit for Prior Year Minimum Tax
  • Form 8835 — Renewable Electricity, Refined Coal, and Indian Coal Production Credit
  • Form 8844 — Empowerment Zone Employment Credit
  • Form 8845 — Indian Employment Credit
  • Form 8910 — Alternative Motor Vehicle Credit
  • Schedule D — Capital Gains and Losses

For Individual 1040 (Released January 14, 2016)

Update:
  • A modification has been made to shut off the earned income credit for taxpayers' with qualifying children that do not have valid social security numbers based on new IRS guidance
  • A modification has been made to the underpayment penalty calculation to account for leap year
Form Releases:
  • Form 1040–SS — U.S. Self-Employment Tax Return
  • Form 2106 — Employee Business Expenses
  • Form 2210–F — Underpayment of Estimated Tax by Individuals, Estates, and Trusts
  • Form 4136 — Credit for Tax Paid on Fuels
  • Form 5884 — Work Opportunity Credit
  • Form 6251 — Alternative Minimum Tax
  • Form 8689 — Allocation of Individual Income Tax to the U.S. Virgin Islands
  • Form 8910 — Alternative Motor Vehicle Credit
  • Form 8917 — Tuition and Fees Deduction

For Preparer 1040 (Released January 7, 2016)

Update:
  • Updated validation rules for Republic Bank Identification Numbers
Form Releases:
  • Form 1040–SS — U.S. Self-Employment Tax Return
  • Form 2106 — Employee Business Expenses
  • Form 2210–F — Underpayment of Estimated Tax by Individuals, Estates, and Trusts
  • Form 5884 — Work Opportunity Credit
  • Form 8910 — Alternative Motor Vehicle Credit

For Tax-Exempt Organizations 990 (Released March 2, 2016)

Update:
  • A modification has been made to Form 990-PF Part I Line 19
  • A modification has been made to Form 990-PF Part V for initial year filers
  • A modification has been made to print placement of Form 990 Part VI and X
Form Releases:
  • Form 990-T – Exempt Organization Business Income Tax Return
  • Form 2220 – Underpayment of Estimated Tax by Corporations
  • Form 3115 – Application for Change in Accounting Method