2020 ProSeries/1040 ReadMe

Release 2020.117 / February 3, 2023

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In an continued effort to identify clients whose first quarter estimated tax payment was not withdrawn, the below client analyzer queries have been modified; the queries have no date limitation and will return any tax return that has been transmitted. After choosing and running a query, sort the results by "Last Modified" and filter on "Client Status" to show only "Efiled" and "EF Accepted" returns. Returns transmitted on or between 3/24 and 4/21 may be impacted.

The last query will identify all transmitted returns with estimates that have EFW selected, regardless of impact from the issue described above and will remain an ongoing client analyzer in future years.

See the community post here for more details.

The calculations for federal have been updated to reflect the exclusion of unemployment insurance income that comes from the American Rescue Plan Act of 2021. Not all state products have not been updated for this change as departments of revenue are still working to make any changes necessary on their end. Check the ReadMes in the individual states you are working in to determine if they have updated.

ProSeries was able to work with the IRS to be able to file the Form 7202 electronically without needing to attach a PDF. File as you normally would.

ProSeries was able to work with the IRS to be able to file the Form 8915-E electronically without needing to attach a PDF. File as you normally would.

All 1040 Forms can be filed

Items addressed in this release of ProSeries/1040

The following issues have been addressed in this release:

• There was an error message blocking the filing of returns for a date that wasn't in the tax year. This error has been updated to allow for filing.

Items addressed in previous releases of ProSeries/1040

The following issues were addressed in previous releases:

• Release 2020.840 / May 27, 2022
  • Various form and electronic filing validation updates.

• Release 2020.750 / March 17, 2022
  • New client analyzer query is available to identify clients electing to take a Qualified Plan Disaster Distribution and spread the tax burden over three years.
  • These states have been removed from the State Amended Returns picklist on the Federal Information Worksheet: CA, CO, NC and PA.

• Release 2020.490 / September 22, 2021
  • Various form and electronic filing validation updates.
  • After e-filing a return, the warning message about the return being changed was not updating correctly if the return wasn't in amend mode.

• Release 2020.460 / September 1, 2021
  • Various form and electronic filing validation updates.

• Release 2020.420 / August 4, 2021
  • Various form and electronic filing validation updates.
  • When a Form 1040-X was prepared but the original return was not filed by the same preparer or tax software, the EF status was not updating to READY. This has been addressed.
  • Implemented a Child Tax Credit (CTC) Client Analyzer to help identify those who have CTC.

• Release 2020.390 / July 14, 2021
  • Various form and electronic filing validation updates.

• Release 2020.360 / June 23, 2021
  • Various form and electronic filing validation updates.

• Release 2020.340 / June 9, 2021
  • Various form and electronic filing validation updates.
  • Form 7202 was not printing with the filing copy of the return.
  • The program was miscalculating the modified AGI for American Opportunity Credit when the unemployment compensation exclusion was a part of the return. This affected taxpayers who were near the upper income threshold of AOC.

• Release 2020.330 / June 2, 2021
  • Various form and electronic filing validation updates.

• Release 2020.310 / May 19, 2021
  • Various form and electronic filing validation updates.
  • Form 8606 line 25b and Form 8915-E line 14, were doubling negative amounts.
  • Form 8615 Schedule D Worksheet was missing a dollar amount.
  • Form 8938 was only printing even copies of the continuation statements.

• Release 2020.290 / May 5, 2021
  • Various form and electronic filing validation updates.
  • Form 3800 was doubling the amount of solar credits from S-corporation Schedule K-1's.
  • Taxpayer telephone and email address were not printing on Form 1040.

• Release 2020.280 / April 28, 2021
  • Various form and electronic filing validation updates.

• Release 2020.250 / April 7, 2021
  • Various form and electronic filing validation updates.
  • Form 8962 Premium Tax Credit (PTC) has been updated to exclude the excess advance premium tax credit repayment per IRS guidance.
  • The Qualified Dividends and Capital Gains Worksheet was incorrectly being used when Form 4952 is present. This has been fixed.
  • Form 7202 was not correctly opening from the Where do I enter? feature and this has been fixed.

• Release 2020.240 / March 31, 2021
  • Various form and electronic filing validation updates.

• Release 2020.230 / March 24, 2021
  • Various form and electronic filing validation updates.

• Release 2020.221/ March 18, 2021
  • Various form and electronic filing validation updates.
  • The calculations for federal have been updated to reflect the exclusion of unemployment insurance income that comes from the American Rescue Plan Act of 2021. The state products have not been updated for this change as departments of revenue are still working to make any changes necessary on their end.

• Release 2020.220/ March 17, 2021
  • Addition of a Client Analyzer query in response to the American Rescue Plan that identifies taxpayers that have taxable unemployment income or repayments of APTC.
  • Various form and electronic filing validation updates.
  • Form 2210 was not calculating the short method correctly. This has been addressed.
  • Form 8615 Schedule D was not calculating line 1 correctly. It has been updated.
  • Literals relating to Additional Child Tax Credit and Earned Income Credit were missing and have now been fixed.
  • The Tax Planner worksheet was not correctly accounting for the above the line charitable deduction.

• Release 2020.210/ March 10, 2021
  • Various form and electronic filing validation updates.
  • Form 2210 was not calculating lines 18-26 correctly. This has been addressed.

• Release 2020.200/ March 03, 2021
  • Various form and electronic filing validation updates.
  • The program was incorrectly calculating a Recovery Rebate Credit for dependents over the age of 17. This has been addressed.
  • There were issues calculating taxable income with regards to COVID related distributions from retirement plans. These issues have now been addressed.

• Release 2020.191/ February 26, 2021
  • Various form and electronic filing validation updates.

• Release 2020.190/ February 24, 2021
  • Various form and electronic filing validation updates.

• Release 2020.180/ February 17, 2021
  • Various form and electronic filing validation updates.
  • Schedule H, the program was not calculating line 26 correctly and it has now been updated.
  • 1040-V, there was an issue with the address on the form if there was also a Form W-7 in the return. This has now been resolved.

• Release 2020.171/ February 12, 2021
  • Various form and electronic filing validation updates.
  • Mortgage Interest, there was an issue with mortgage interest that caused the program to freeze. This has now been resolved.

• Release 2020.170/ February 10, 2021
  • Various form and electronic filing validation updates.
  • Secondary firms were not able to e-file. There was an issue where the program wouldn't allow preparers who were registered to multiple firms to e-file.

• Release 2020.160 / February 3, 2021
  • Various form and electronic filing validation updates.
  • Form 5471, updates were made so that Form 5471 and its schedules are transferred correctly from the prior tax year. Re-transferring the returns with the Form 5471 in them will successfully bring over the information.
  • Form 8621, updates were made so that Form 8621 would transferred correctly from the prior tax year. Re-transferring the returns with the Form 8621 in them will successfully bring over the information.

• Release 2020.150 / January 27, 2021
  • Various form and electronic filing validation updates.

• Release 2020.140 / January 20, 2021
  • Various form and electronic filing validation updates.
  • Form 4868- There was an issue where the form was remaining open even after successfully e-filing it and that would stop the ability to use Refund Advance.
  • Tax Summaries- There is now a line item for the $300 adjustment to income for charitable donations for the taxpayers who do not itemize.

• Release 2020.130 / January 13, 2021
  • Various form and electronic filing validation updates.
  • Form 8582- There was an issue where the modified adjusted gross income worksheet was not calculating correctly.
  • Form W-7- There was an issue where the program did not check the box for Credit for Other Dependent checkbox on Form 1040 when the form is being filed with the return because the application is for a qualifying person for the Other Dependents Credit.

• Release 2020.120 / January 6, 2021
  • Various form and electronic filing validation updates.
  • Above the line charitable contributions adjustment- There was an issue when transferring a TurboTax return that did not bring over the value for the contributions.

• Release 2020.100 / December 22, 2020
  • Various form and electronic filing validation updates.

• Release 2020.090 / December 16, 2020
  • Various form and electronic filing validation updates.
  • Nonbusiness bad debt- Support has been added for nonbusiness bad debt. Schedule D and Form 1099-B worksheet now have Quickzooms to take you to a new Smart Workseet on the explanation statement.
  • Standard versus itemized deduction- The calculations with the new $300 charitable donation above the line deduction were selecting the wrong deduction amount. If you already entered the charitable amounts on Schedule A and the return is within $300 of the itemization threshold, you need to enter the $300 amount on the Form 1040 Worksheet.

• Release 2020.080 / December 9, 2020
  • Various form and electronic filing validation updates.
  • Form 8621- The form was printing a blank copy for every regular copy.
  • Form 8995-A- The form was printing a blank page with the form.
  • Interest Income Worksheet: Addl Info - Tax exempt interest and state withholdings were not being imported correctly.

What's new in ProSeries/1040

New ProSeries/1040 forms and worksheets

We've added the following forms to ProSeries/1040 for the 2020 tax year:

• Form 5471, Schedule Q, CFC Income by CFC Income Groups
• Form 5471, Schedule R, Distributions From a Foreign Corporation
• Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals
• Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Use for Coronavirus-Related Distributions)
• Schedule LEP, Request for Change in Language Preference
• Form 1099-NEC, Nonemployee Compensation Worksheet
• Recovery Rebate Credit Worksheet
• A new Miscellaneous Global Option allows you to to turn off the error for not entering the amount of the economic stimulus payment each client received. See the Option for more details.

Obsolete ProSeries/1040 forms and worksheets

We've removed the following obsolete forms and worksheets from ProSeries/1040 for the 2020 tax year:

• Schedule SE - Short , Short Method
• The IRS is no longer offering a short method for Self-Employment Tax

Tax legislation issues

Electronic filing

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End of ProSeries/1040 ReadMe file