When you sign in to your TaxAct Professional software today (2/20/2018), be sure to update your software to the latest version (Federal 1040: 1.07).

This update to the Federal 1040 Edition includes changes related to the Bipartisan Budget Act of 2018 (aka “Extenders”) signed by President Trump on February 9, 2018. Division D, Title I of this Act details which expired provisions were extended through the 2017 tax year. Once the bill passed, the IRS updated related tax forms; those changes are now incorporated into the TaxAct Professional program.

The following provisions are included in this update:

  • Qualified Mortgage Premiums Deduction
  • Tuition and Fees Deduction
  • Cancellation of Mortgage Debt

Look for the following to be included in a future update of TaxAct:

  • Residential energy credit (IRS is still working on the update)

Please direct any questions you may have to TaxAct Professional Support at (319) 731-2682.