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Release notes

1040 Individual 23-5.5F

Release date: 6/28/2024

Pending releases

  • Form 3800
     is available. You can e-file this form for those not having credits from Forms 7207, 7210, 7213, and 8933. Carryover utilization will be available on a future release.
  • We're updating the
    K-1 Transfer
     from 1065/1120S/1041 to 1040 to reflect the new K-1 fields.
  • We're still working on adding the e-file for
    Form 8949 IRC
    , Section 1061 adjustments.
  • We're aware when a partnership has more than one
    K-1
     for the taxpayer, the system can't transfer multiple K-1s in 1 transfer. Currently, you have to transfer them one at a time. We’ll address this in a future release.
  • Schedule K-1 Review
     contains a note on the 1st page about a future update to reflect the new Schedule K-1 Other income and Other deduction fields. This only affects returns that contain these new Schedule K-1 fields.
  • We're aware that the explanatory statement for
    Form 1116
    , line 3 isn't included in the e-file when there are HTKO adjustments. We'll address this in a future release.
We’ve also just released new templates on this release
Client Code Import
 to make your importing tasks easier. These templates work with either the data connection or the tax return import method.

Iowa

We're updating the Form 126 e-file schema to include an attachment for a spouse's NOL waiver. It will be available in a future release.

Pennsylvania locals

We're working on updating Berkheimer forms to the latest version.

Tennessee

We're working on correcting the FAE 170 Filing instruction. The filing information and paragraphs are not printing correctly.

Federal

Schedule K-1
 long-term capital gain/loss will now reflect the Fannie Mae or Freddie Mac long-term capital gain/loss. Before it reflected the Fannie Mae or Freddie Mac short-term capital gain/loss.
We updated the
Schedule C
 dropdown for principal business codes, Page 1, line B.
We updated the
federal e-file
 schema to V5.2.
We corrected a
Form 3468
 issue with the ending beginning date for Part VII line 1d.
We fixed a
Form 8283
 issue with Business Rule Number F8283-007-002.
We added a
Form 8835
 organizer field for amount of credit from pass-through entities for Page 3, line 14.
We updated
Form 8865 K2 and K3
 e-file so they now include negative amounts for Part II, Section 1, lines 11, 12, 13, 14, 15, 27, 28, 29, and 30.
We updated
Form 8865 K2 and K3
 e-file so they now include amounts for in columns A-E for Part II Section 1 Lines 41 and 42.
We added
Form F8997
 special gain code for all sections.

California

We updated the schema version from 2023v4.2 to 2023v4.3.

Colorado

We updated the calculation on Form DR 104, line 4.
We updated the print on Form DR 104X, Pages 1 and 3.

Georgia

The Georgia Department of Revenue announced a change in the Individual income tax rate from 5.49% to 5.39% and in dependent exemption from $3,000 to $4,000 for 2024. We updated Form 500ES calculations accordingly.
We addressed a Form 500 issue where an electronic reject diagnostic generating erroneously when an unborn child was included in the line 7c total number of dependents in some situations.
The Georgia Department of Revenue announced changes in Form 500 Schedule 4 NOL. Part I, line 5 is no longer used, and Part II, line 18 couldn’t be a negative amount. We updated calculations on these lines.

Massachusetts

We updated Form 2210M, line 2 to include Refundable credits from PY/NR Form 1, line 52.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax Express RS
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