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Release notes 26.01

Release notes for ONESOURCE Trust Tax version 26.01, including new features, fixes, and known issues.

Release highlights

ONESOURCE Trust Tax version 26.01 includes bug fixes and introduces the following features:
  • Removal of 1041/990 combined return type references
  • Form 1116 input field changes
  • State regulatory updates

New features

Return type
The following Return Type/Type of Return/Fed Return Type selections were updated as noted as this applied to tax years prior to 2021 which are no longer available:
  • 1041/990
     was updated to
    1041
  • 990 (2021 Forward)
    was updated to
    990
The following graphic illustrates the change for the Fed Return Type column:
Fed Return Type
State balance due registers
To better identify the use of two specific state balance due registers as pertaining only to bulk payments, the names and descriptions of these registers have been updated as referenced:
Previous register name
Previous register description
Revised register name
Revised register description
State Balance Due Payments to be submitted
State Balance Due Payment Summary to be submitted
State Balance Due Bulk Payments to be submitted
State Balance Due Bulk Payments to be submitted
State Balance Due Payment Filings
State Balance Due payment confirmation
State Balance Due Bulk Payment Filings
State Balance Due Bulk payment confirmation
State balance register
Options and Overrides
Beginning with this release, the
Order in which $10,000 tax limitation is to be applied
 option description was updated to
Order in which state and local tax (SALT) deduction limitation is to be applied.
This option is in the
Compute-Federal
 category.
Options and overrides
1099-MISC
Beginning in tax year 2025,
Box
14 - Excess golden parachute payments
was removed from
Form 1099-MISC Miscellaneous Information (Receipts)
collapsible section of the 1099 Recipient Summary page. It was added as box 3 on Form 1099-NEC and removed from Form 1099-MISC Miscellaneous Information (Disbursements) in a prior release.
1099 misc
Form 1116
Beginning in tax year 2024, within the
Form 1116- Foreign Tax Credit
 subtopic of the
Tax Review – Tax and Credits
 topic, the
Deductions and Loss (Overrides)
collapsible section
was expanded to include columns for Regular Tax, Minimum Tax, and S Portions as shown in the following graphic.
Form 1116
Form 8621
Beginning in tax year 2025, the following columns were addeed to the grid in the
Section 1291 Distributions and Dispositions (By Holding Period)
 collapsible section in the
Form 8621 - Return of a PFIC/QEF
 subtopic under the
Additional Information and Tax Forms
 topic:
  • Three-letter currency code
     with a dropdown list containing the currency and country code selections.
    USD UNITED STATES OF AMERICA (THE) - US Dollar
    is the default selection.
  • Part V, line 15e(2) (Enter amount if line 15e(1) reported in foreign currency)
Form 8621
Form 8621 #2
Beneficiary K-1 Overrides
Beginning in tax year 2025, Beneficiary K-1 Override changes were made in the following state categories:
  • Maryland
  • North Dakota
  • Oklahoma
  • Oregon
  • Virginia
The following graphics reflect the changes in the
Federal and State Schedule K-1 Overrides
 collapsible section within the Recipient detail page: Beneficiary K1 overrides
Roll dollar
Distribution
The following 3 credits in the Virginia category have been removed beginning in tax year 2026:
  • 100% Coalfield Employment Enhancement Sch 306B, Ln 1(b)
  • Coalfield Employment Enhancement - Full
  • Coalfield Employment Enhancement - 85%
Recipients
Colorado
Beginning in tax year 2025, the
Repayment of credit from form DR 0619
 field was added to the
Credit
 category in the grid in the
Payments and Credits
 collapsible section.
Colorado return
Illinois
Beginning in tax year 2025, the
Schedule M - IL Gives Tax Credit
 field was added to the
Additions
 category in the grid in the
Income and Deductions
collapsible section.
Income deductions
Maine
Beginning in tax year 2025, the following fields were added to
Income and Deductions
collapsible section:
  • Other Additions
    category:
    OBBBA Expensing of Domestic Research and Experimental Expenditures Add-Back
  • Other Subtractions
     category:
    OBBBA Amortization of Domestic Research and Experimental Expenditures
Other additions
Maryland
Beginning in tax year 2025, the following fields were added in the
Additons
 category of the grid in the
Income and Deductions
 collapsible section:
  • Taxable net capital gain income in other state that is taxable in both the other state and Maryland
  • Net capital gain included in MD TNI for Resident (Override)
  • Net capital gain included in MD TNI for NonRes (Override)
  • Net capital gain reported on Maryland Sch K-1(s)
  • Net capital gain from sale/exchange of primary residence
  • Net capital gain from sale/exchange of tax-advantaged retirement savings plan
  • Net capital gain from sale/exchange of cattle, horses, or breeding stock
  • Net capital gain from sale/exchange of land subject to conservation/agricultural/forest easement
  • Net capital gain from sale/exchange of trade or business property
  • Net capital gain from sale/exchange of nonprofit-owned affordable housing
Additionally, the
Contribution to Maryland Veterans Trust Fund
field was added in the
Credits
 category.
Maryland return
Payments and credits
North Dakota
Beginning in tax year 2025, in the grid accessed from the
Schedule 38-TC
 hyperlink in the
Payments and Credits
 collapsible section, the
Angel Fund Investment tax credit carryover
 description was updated to
Employer Child Care Contribution Tax Credit
.
Tax credit
Ohio
Beginning in tax year 2025, following changes were made: to the
Income and Deductions
 collapsible section:
  • Income and Deduction
     collapsible section
  • Additions category:
    • Depreciation add-back method (Override)
       was removed
    • Five-sixths of bonus depreciation add-back (Override)
       was renamed
      Bonus depreciation
      calculated with 5/6 add-back ratio
    • Bonus depreciation calculated with 2/3 add-back ratio
       was added
    • Bonus depreciation calculated with 6/6 add-back ratio
       was added
    • Federal Conformity Additions
       was added
Ohio return
  • The
    Federal conformity deductions
     field was to the
    Subtractions
     category
Federal
  • The
    Share these amounts with the beneficiaries
     checkbox was added in the
    Apportionment Worksheet
     collapsible section
Apportionment worksheet
Oregon
Beginning in tax year 2025, the
Electronic Filing Statement
 located
General Information
 collapsible section was updated to include contact information as shown in following graphic
Filing statement
Virginia
Beginning in tax year 2025, the following four rows were removed from the
Credit
category in the
Payments and Credits
 collapsible section:
  • Coalified employment enhancement tax credit (from Form 306)
  • 100% coalified employment enhancement credit
  • Full coalified employment enhancement credit
  • 85% coalified employment enhancement credit
Wisconsin
Beginning in tax year 2025, the
Schedule ED
 hyperlink and associated detail page were removed from the
Payments and Credits
 collapsible section.
As appears in prior years:
Wisconsin return
Tax Year 2025:
Tax year 2025

Fixes

For a list of ONESOURCE Trust Tax fixes (closed issues), search Alerts and Notices.

Known Issues

For a list of ONESOURCE Trust Tax known (open) issues, search Alerts and Notices.

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