Version 1.13 for 1040 and versions 1.07 for 1041, 1065, 1120, 1120-S, & 990 are now available for TaxAct 2020 Professional Federal Editions. These updates include:
- Updated calculations on Form 8962 to shut off Part III repayment of excess Premium Tax Credit
- Updated calculations on Form 8606 Part I and Part III when qualified disaster distributions exceed $100,000
- Added 2nd stimulus payment field on Client Organizer
- Updated print position on Form 56 for checkboxes 1D and 1E
- Updated Form 5471 supporting schedules accessibility
- Updated calculations on Form 5471, Schedule E, Part I, Section 1
- Updated Schedule M-2, line 3 to reflect tax basis capital account reporting requirement
- Updated mailing address information for certain foreign country address selections
- Added electronic filing alert for QBID Worksheet when an entity is both an SSTB and PTP
- Updated print layout for Form 990-PF, Part VII-A, line 4a, and Part VI, line 1c
- Added support for e-file PDF attachment for a group return for subordinates
- Updated PDF attachments e-file logic to show as completed when attached on E-filing Topics screen
- 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.