All forms in this release of ProSeries/1041 can be filed with the IRS.
For information on what's new in ProSeries/1041, open a 1041 return, go to the Help
menu, choose Help Center, then select What's New This Year?
Items addressed in this release of ProSeries/1041
The following issues have been fixed in this release:
- A calculation issue on Form 4684 for Qualified Disaster Casualty Losses has been corrected.
Items addressed in previous releases of
ProSeries/1041
- Client Analyzer was added to the federal business returns. To access, go to HomeBase and under Homebase View, select Client Analyzer
Queries. Select Return Type from the drop down list. Select GO to run the
query. A list of returns affected will display.
- Added Section 965(h)(6)(a) Liability on Form 1041, page 2, Schedule
G, Total tax, line 7.
- Federal Form 1041, line 15a worksheet column (d) grand totals
is corrected.
- The Depreciation Options Worksheet was updated for Arizona 100% Bonus Depreciation Conformity to the Tax Cuts and Jobs Act of 2017.
- Fixed printing of Schedule E Additional Depreciation and Amortization Report
- Suppress calculation of single copy of Form 1116, Lines 23 through 27 when second copy of Form 1116 is open, but not part of the return.
- Form 6765 updated for fiscal year filers. Fiscal year taxpayers
use the weighted average of the highest corporate rates before and
after the change to make the reduced credit election.
- Form 6765 instructions updated with tax rates for fiscal year
filers.
- Self-prepared prints in Paid Preparer Use Only section.
- Form 4562, Depreciation and Amortization, Identifying Number
not printing the 9 digit number is fixed. li>
- Calculations supporting Special Depreciation Allowance Type V
assets have been added to the program.
- Added new Special Depreciation Allowance Election under IRC Section
168(k)(10)
- IRC Sec. 663(b) Election to Treat Trust or Estate Distributions as
Made in Preceding Tax Year calculating the incorrect tax year end is
fixed.
- Calculations supporting Special Depreciation Allowance Type V
assets have been added to the program.
- Added new Two Year Projection Worksheet
- Added Form 8824 diagnostics on Tax Cuts and Jobs Act of
2017: Like-Kind Exchange Treatment Limited to Real Property: Nonrecognition of gain or loss under section 1031 is limited to the exchange of real property after December 31, 2017, that is held for productive use or investment only. Property located inside the United States and property outside the United States are not property of a like kind. If you reported an exchange on Form 8824, verify that it qualifies for nonrecognition of gain under the new like-kind exchange rules, including trade-ins of automobiles.
- The Special Depreciation Allowance Election under IRC
Section 168(k)(10) can be attached as a pdf on an electronically
filed return.
- Schedule of Net Operating Loss Carryovers worksheet has been
updated.
- Schedule of AMT NOL Carryovers worksheet has been updated.
- Schedule F, line C Accounting method was incorretly checking the wrong box when printed.
This has been corrected in this release.
- Form 1116, page 2, Part III line 9 amount was not appearing when printed.
This has been corrected in this release.
- Form 4562 Depreciation Reports - the reports has been fixed to print with more descriptive titles.
- Form 8949, with a Home Sale Worksheet, amount of adjustment is fixed.
- Printing was aligned correctly on Form 1041-ES Estimated Tax Payment
Voucher, Record of Estimated Tax Payments Table.
- The Bipartisan Budget Act of 2018 restored many
items that expired after 2016. Included in this release are:
- Form 4562, Extension of acclerated
depreciation for business property on an Indian reservation.
- Form 4562, Extension of special depreciation allowance for second
generation biofuel plant property.
- Deductions and Credits Extensions - many deductions
and credits were extended for 2017, including certain credits on Forms
4136, 6478, 8835, 8844, 8845, 8903, and 8910.
- Deductions and Credits Extensions - many deductions
and credits were extended for 2017, including certain credits on Forms 6478 and 8903.
- Form 5884-A, Credits for Affected Disaster Area Employers - for guidance on how to enter and attach this form,
use Where Do I Enter in ProSeries.
Tax Cuts and Jobs Act of 2017 - Form 4562
- Bonus First-Year Depreciation Deduction: Calculations updated for a return
that includes asset(s) that are affected by the 40% phase down of
bonus depreciation for qualified property placed in service in 2018 and
acquired before September 28, 2017.
- Enhanced First-Year Depreciation Cap on Luxury Autos
and Trucks: Calculations updated for a return that includes
auto or truck asset(s) placed in service in 2018 that is affected by
the increased auto and truck limits.
- Certain Farm Machinery and Equipment 5-Year Recovery
Period: Calculations updated for a return that includes certain
farm machinery and equipment (Asset Type E2) placed in service in 2018.
- Required Use of 150% Declining Balance Method for Farm Property: Calculations
updated for property with a 3, 5, 7, or 10 year asset class
- Removal of Computer Equipment from Listed Property: Calculations updated for computer
equipment (Asset Type A) placed in service in 2018. It is not listed property.
- Qualified Improvement Property: Calculations updated
for a return that includes Qualified Retail Improvement, Qualified Restaurant,
and Qualified Leasehold Improvement property (Asset Types J2, J3 and J4)
placed in service in 2018 to allow changing the recovery period for these
assets from a 15-year to a 39-year recovery period.
- Removed Form 4562 diagnostics on:
- Bonus First-Year Depreciation Deduction for a return that includes
asset(s) that may be affected by the 40% phase down of bonus
depreciation for qualified property placed in service in 2018 and
acquired before September 28, 2017.
- Enhanced First-Year Depreciation Cap on Luxury Autos and Trucks for a
return that includes auto or truck asset(s) placed in service in 2018 that
may be affected by the increased auto and truck limits.
New ProSeries/1041 forms
We've added the following forms to ProSeries/1041 for the 2017 tax year:
Two Year Projection Worksheet
Special Depreciation Allowance Election under IRC Section
168(k)(10)
Form 4684, Casualty and Thefts, Page 4
There is no obsolete form for ProSeries/1041 for the
2017 tax year.
If you are just getting started with ProSeries/1041 or need a refresher course,
the How to Use ProSeries/1041 guide will answer your questions and guide you
through preparing returns for estates and trusts. To see this guide, go to
the Help menu, choose Help Center, then choose How to Use
ProSeries/1041.
For information on tax legislation issues, open a 1041 return, go to
the Help menu, choose Help Center, then select What's New This Year?
Disaster Relief and Airport and Airway Extension Act of 2017
Highlights of the Disaster Relief and Airport and Airway Extension Act of 2017,
providing relief to victims of Hurricanes Harvey, Irma and Maria, include:
- Casualty losses
- The Act provides relief for taxpayers that suffered disaster losses.
- Form 4684, page 4, Schedule D Election to Deduct Federally
Declared Disaster Loss in Preceding Tax Year
- The Act increases the $100 floor per casualty to $500
Charitable Contributions
- Qualified contributions were made between August 23 and December 31,
2017, in cash, for Hurricane relief efforts
- Such contributions are not subject to the charitable contributions limitations
Electronic filing is available in this release of
ProSeries/1041.
For electronic filing procedures and information, click the EF button on the toolbar to go to the EF Center (also known as the HomeBase
Electronic Filing view). The Steps to E-File section
on the right side of the EF Center summarizes the steps that you take when you
file a client's return(s) electronically. In the Steps to E-File section:
- Click a step to see detailed information in the ProSeries User's Guide.
- Click a button to see more information about electronic filing.
- To perform electronic filing functions, select the E-File Now button on
the toolbar to e-file the currently open return or go to the EF Center and highlight all of
the returns you want to e-file. Next, go to the E-File menu, select Electronic
Filing, then select the appropriate command from the Electronic Filing menu.
The commands on the Electronic Filing menu in ProSeries are:
- Convert/Transmit Returns and Extensions
- Receive Acknowledgment Statuses
- Update Acknowledgment Status of Selected Returns
- Electronic Filing Reports
- Correct Duplicate DCNs
- Options
Tip: A quick way to select the Convert/Transmit
Returns and Extensions command is to click the E-File
button (to the right of the EF button on the EF Center toolbar).