TaxAct 2015 Software Update Information

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.

For Individual 1040 (Released April 7, 2016)

Update:

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

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.

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• A modification has been made to nondeductible traditional IRAs that were contributed and withdrawn in the same year with no prior year basis.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• A modification has been made to nondeductible traditional IRAs that were contributed and withdrawn in the same year with no prior year basis.

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.

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

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

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.

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