Version 1.08 for 1040 and versions 1.04 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
- Updated additional income calculations due to Form 8915-E changes (Form 1040)
- Updated Schedule K (Form 1065) – Other Information Worksheet for business interest expense and IRC section 448(c) changes
- Updated Schedule K (Form 1120S) – Other Income Worksheet for IRC section 951A income changes
- Updated Schedule K (Form 1120S) – Foreign Transactions Worksheet for IRC section 951A income changes
- Fixed prior-year import bug on Compensation of Officers Worksheet (Form 1120 and 1120S)
- Other minor bugs and enhancements.
You may also want to ensure the “If already connected to the internet, automatically check for updates on program startup” checkbox is checked in the Tools –> Options menu. You can also check for updates at any time by clicking the Online –> Check for Updates menu.