18252: 2023.08.07 - Drake22 Updates

1041 Program Update 31

• The intended percentage is now produced on line 41, "Depreciation percentage," of Form 8829 for home offices entered on screen 4562 that were placed in service during tax year 2021. This is a print issue only and does not affect any calculations.

1040 Program Update 42 

• The intended percentage is now produced on line 41, "Depreciation percentage," of Form 8829 for home offices entered on screen 4562 that were placed in service during tax year 2021. This is a print issue only and does not affect any calculations.
• Excess Social Security is now included in the calculation of line 12, "Federal income tax withheld," on Form 1040-X when amending a 1040-NR return.
• Adjustments from line 16, "Self-employed SEP, SIMPLE, and qualified plans," of Schedule 1 are no longer doubled on lines 44b (if the taxpayer is the student) and 92b (if the taxpayer is the parent of the student) of the 2024 – 2025 FAFSA Worksheet.

General Program Update 50

• Amended Form 990-PF is now available for e-file.

1120S Program Update 33

• The amount entered on line 13b, "Less accumulated amortization," column (C), of screen L now flows as intended to line 13b, column (C), on Schedule L of Form 1120-S.

Virginia Update 23

• Corporation, S Corporation, and Partnership Packages: 
  • Representative information entered on federal screen 2848 using a "Designation" code of "D - Officer - A bona fide officer of the taxpayer organization" now flows as intended to VA Form PAR 101.