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Release notes

1041 Fiduciary 24-3.2F

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Pending releases

Release date: 2/14/2025
Federal forms not available:
  • Form 3468, Investment Credit
  • Form 4255, Certain Credit Recapture Excessive Payments and Penalties
  • Form 5884, Work Opportunity 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 8586, Low-Income Housing Credit
  • 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
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

We added a checkbox for calculating the NOL, so it will only be calculated when the checkbox is marked.
We updated the master group screen (99, 8) to keep transaction unchanged when activities are deleted.
Form 3800, General Business Credit, is available for this release.
We updated the checkbox to print notation on the heading of Form 990-T.
We corrected an issue causing 40% bonus depreciation from 2018 to no longer have a reduction in basis.
We removed the estate final year check which forced the federal exemption to be $600. System default for final year estates will now be to force exemption to zero unless overridden.

State

We updated or corrected the following:
Alabama
:
  • Added e-file letters and filing instructions for Alabama extension.
  • Added Alabama extension for e-file.
Colorado
:
  • Updated the Tax Form view for Form 105, Page 3, to display the name of the firm.
  • Aligned the fields on the Colorado Payment screen within the organizer.
  • Aligned the fields on the Colorado Tax Credits screen within the organizer.
Connecticut
: A copy of the federal Form 990-T will automatically be included at the end of the print file if any of the following states are processed. States for which a copy of the federal Form 990-T is automatically generated include: AL, CT, DE, GA, ID, IA, KS, KY, MI, MN, MO, MS, MT, ND, NE, OK, OR, PA, SC, UT, VA, VT, WI.
Georgia
: Updated the print of Georgia State Estimated Tax worksheet Quarter 1 due date.
Illinois
: Updated the print of Federal 990T Page 2 under IL990T navigation.
Indiana
(20NP, 35AR): Added Indiana Schedule NOL-MOD.
Kentucky
:
  • Updated the Tax Form View for the Extension form to display the Fiduciary name, Paid Preparer name, and Paid Preparer date.
  • Updated the display of the Kentucky Payments Screen within the organizer.
  • Updated the display of the Kentucky Payments Screen for Estimated tax.
Mississippi
:
  • Added the Mississippi MS 8453-C Declaration for electronic filing form for 990-T returns.
  • Fixed the Mississippi extension for 990T returns not printing properly.
Montana
:
  • Adding Worksheet II - Schedule II Income Allocation and Nonresident Trust Schedule for Montana.
  • Updating the print condition for Montana Form EST-I (underpayment form) to verify that page 3 is printing and there is taxable income for each quarter before printing page 4.
  • Corrected an issue to allow multiple credit for taxes paid for Montana for electronic filing.
Nebraska
: Added Form 1041N-V Fiduciary Income Tax Payment Voucher for Nebraska.
New Mexico
: Corrected the computation of New Mexico Form FID-ES 4th quarter estimated tax payment amount.
North Carolina
: Corrected an issue with Form NC-PE, Line 38 amounts generating.
Rhode Island
: Updated to generate data for "Taxpayer’s RI Apportionment Percentage” and “Taxpayer’s Ownership Percentage" to follow the latest K-1 instructions.
South Carolina
:
  • Updated South Carolina SC1041 Page 1- lines 1 and 8, ESBT computation.
  • Updated paid preparer data to print on page 2 of the South Carolina Grantor return.
Virginia
:
  • Added the ability to e-file 1041 VA Estimates and Extensions.
  • Corrected Virginia Estimates account type to match federal bank information.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax Express RS
  • Return type: 1041 Fiduciary

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