2020 ProSeries Basic Edition/1040 ReadMe
Release 2020.290 / May 5, 2021
Click on any of the links below to go directly to the topic of your choice.
The deadline to file individual income tax returns has been extended until May 17, 2021, this also applies to any tax due. This extension does not apply to estimated tax payments that are due April 15, 2021. ProSeries has been updated to allow for payments dated after April 15, 2021.
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. 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 able to work with the IRS to be able to file the Form 8915-E electronically without needing to attach a PDF. The program is now updated to handle this.
All forms in this release of ProSeries Basic Edition/1040 can be filed with
the IRS.
Items addressed in this release of ProSeries Basic Edition/1040
The following issues have been addressed in this release:
- 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.
Items addressed in previous releases of ProSeries Basic Edition/1040
The following issues were addressed in previous releases
- Release 2020.280 / April 28, 2021
- Various form and electronic filing validation updates.
- Release 2020.250 / April 07, 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 25, 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
- Various form and electronic filing validation updates.
- Form 2210 was not calculating lines 18-26 correctly. This has been addressed.
- Release 2020.210 / March 10, 2021
- 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 2020.200 / 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.
- 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.
- 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.
- 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.
What's new in ProSeries Basic Edition/1040
For more information on what's new in ProSeries Basic Edition/1040, open a
1040 return, go to the Help menu, select Help Center, then
select What's New This Year?
We've added the following forms and worksheets to ProSeries Basic Edition/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.
Tip: For information about changes to existing forms, start
or open a Form 1040 return, go to the Help menu, select
Help Center, then select What's New This
Year?
Obsolete ProSeries Basic Edition/1040 forms and
worksheets
We've removed the following obsolete forms and worksheets from ProSeries Basic
Edition/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
For information on tax legislation issues, open a 1040 return, go to the
Help menu, select Help Center, then select What's New This
Year?
Electronic filing
Electronic filing functionality is available in this release of ProSeries Basic Edition/1040. The IRS opened for e-file on February 12, 2021.
For electronic filing procedures and information, you can click the
EF Clients tab (if HomeBase is on the screen) or the EF
clients button on the toolbar (if a return is on the screen) to go to
the EF Clients view. The Steps to E-File section on the
right side of the EF Clients view summarizes the steps that you take when you
file a client's return(s) electronically.
- Click a step (in the Steps to E-File section) to see
detailed information in the ProSeries Basic Edition User's Guide.
- Click a button (in the Steps to E-file section) to see
more information about electronic filing.
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End of ProSeries Basic Edition/1040 ReadMe file