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Release notes

1041 Fiduciary 24-3.5T

Pending releases

Release date: 3/04/2025
  • We updated Part II Line 4a and Part III Line 3a to coordinate with releasing
    Form 4255
    .
  • We added the group entry Organizer field to allow multiple vehicles and equipment for
    Form 4136
     FTC statement.
  • Form 5884, Work Opportunity Credit
     and
    Form 8586, Low-Income Housing Credit
     are available for this release.
Form 3800
 is released with the following limitations:
  • E-file is available for Form 3800 if Part VI is not used in a return.
  • The columns for applied against tax and carryover to next year won’t populate. Override as needed.
  • For facility credits are not taking into account any transfer or EPE registration numbers. This will be updated on a future release to pull in on a facility by facility basis instead of a summary basis.
  • Part VI won’t e-file at this time. A binary attachment is required until the IRS updates their schema. This information was found on the IRS Known Issues and Solutions website.
  • Credit utilization is not released yet. It will be available on a future release.
  • Calculation carryover revision: For 2025, we are pulling in prior year suspended losses into parts IV and VI from Form 8582-CR. The carryover schedules will only be used for non-passive carryovers. If your carryover schedules include passive numbers from the prior year that are covered by Form 8582-CR prior year-suspended losses, you will need to make an adjustment so the amount is not double counted.
  • There is a hyperlink on top of pages 3-9 that will take you to workpapers where you can override for parts V and VI.
  • If there is a single row on the grid, the credit won’t print on parts V and VI (instead it goes directly to parts III or IV).
  • If you add a line be sure to include the Line Number since it's the line number field that determines if data transfers to parts V and VI or straight to parts III and IV.
Federal forms not available
  • Form 3468, Investment Credit
  • Form 6765, Credit for Increasing Research Activities
  • Form 7207, Advanced Manufacturing Production Credit
  • Form 7210, Clean Hydrogen Production Credit
  • Form 7211, Clean Electricity Production Credit
  • Form 7213, Nuclear Power Production Credit
  • Form 7218, Clean Fuel Production Credit
  • Form 8582-CR, Passive Activity Credit Limitations
  • Form 8835, Renewable Electricity Production Credit
  • Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships (including all Schedules and Forms under 8865)
  • Form 8933, Carbon Oxide Sequestration Credit
2022 overpayment
To correct the issue where the 2022 overpayment amount from the 2023 tax return is incorrectly included in the amount rolled over to the prior year estimates paid in the current year, follow these steps:
  1. In the 2024 return in Organizer, select
    States
    New York
    Payments
    .
  2. In the
    Estimated Tax
     option, adjust the
    Prior year estimates paid in current year
    to reflect the correct amount.

State

We updated or corrected the following:
New Jersey
: The New Jersey issue which caused a short or long term gains to be distributed in a grantor or final return even though there was an overall loss.
New York
: Added an informational diagnostic to alert preparers to a possible rollover issue with
Prior year estimates paid in the current year
. Verify that this rolled over amount does not include a 2022 overpayment coming from the 2023 return.
You can use this query for 2023 1041 to find possible affected returns. To workaround this, in the 2024 return, in Organizer,
States
New York
Payments
. In the
Estimated Tax
 field for
Prior year estimates paid in current year
. Enter the correct amount.
Vermont
: Updated Vermont K-1 fields and print conditions.
Virginia
: Updated Form 770 Page 1, line 7 regarding Business Rule 770-230.

This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1041 Fiduciary
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