18460: 2024.03.06 - Drake23 Updates

Federal Program Update 21

• An update resolves reject "DRKPARSE" on element "IRS3800."

California Update 10

• Individual Package:
  • The amount entered in box 8, "State tax w/h," on federal screen 99K is now included in the calculation of line 71, "California income tax withheld," on CA Form 540.
  • An EF Message is now produced when the qualifying child's SSN on line 7, "SSN or ITIN" of CA Form 3514 matches the SSN of the taxpayer or spouse on federal screen 1, preventing reject "F3514-030."
• Corporation and S Corporation Packages:
  • An EF Message is now produced when an invalid year is entered in the "Year of loss" field on CA screen NOL, preventing reject "DRKPARSE" on element "YearLossIncurred."

Colorado Update 9

• Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages:
  • An update prevents reject "DRKPARSE" on element "CreditFromName" when filing CO Form DR 1605G.
• Fiduciary Package:
  • The intended amounts and percentages are now produced on lines a through e (for resident beneficiaries of CO) and lines f through j (for non-resident beneficiaries of CO) of Schedule B, CO Form DR 0105.
• Individual Package:
  • The intended amount is now calculated on line 4, "Federal Deduction addback," of CO Form DR 0104.
• S Corporation Package:
  • The CO S Corporation returns can now be e-filed as a state only filing.

1041 Program Update 20

• Schedule C of Form 1116 is now available for filing.

Florida Update 4

• Partnership Package:
  • Information on partners entered as "Disregarded Entities" on screen K1 now flows to Form F-1065, Part II.
• Corporation and S Corporation Packages:
  • EF Message 0043 is now produced when the name of the contact person entered on FL screen 1 (General Information) is too long.
• Corporation, S Corporation and Partnership Packages:
  • The program was updated to conform to the latest FL business rules.

1040 Program Update 26

• Returns with an amount in the "U.S Savings Bond Interest Previously Reported" field on screen INT can now be e-filed. The EF Message blocking e-file has been removed.
• An issue causing a statement for Schedule B (Form 1040) to be produced and the information to still be generated on the Schedule B itself has been resolved.
• Box C, "Short-term transactions not reported to you on Form 1099-B," is now marked on all applicable Forms 8949 when "3 - Transaction not reported on Form 1099-B (checkbox C/F)" is selected from the "Applicable Part I/Part II" drop list on the corresponding screen 8949.
• The interest rate for the second quarter of 2024 has been added to the Interest and Penalty Calculation worksheet ("Wks Penalty" in View/Print mode).
• Per IRC 6622, daily compounding is now used to compute interest on the Interest and Penalty Calculation worksheet ("Wks Penalty" in View/Print mode).
• Limits allowing the Student Loan Deduction on 1040-NR returns have been updated.
• Schedule C of Form 1116 is now available for filing.

Massachusetts Update 15

• Individual Package:
  • An update prevents reject "F1-1515."
  • "Dependent is disabled" check box has been added to MA screen DI. Checking this box will produce the appropriate credit amount on line 46, "Child and Family Tax Credit," of MA Form 1 or line 50, "Child and Family Tax Credit," of MA Form 1-NR/P.
• Estate Package:
  • The intended amount is now produced on line 1a, "Enter the amount from Part 1," Part 4, page 3, of MA Form M-706.
• Corporation and S Corporation Packages:
  • The intended payment information is now displayed on the MA filing instructions.
  • The intended payment information is now displayed on the Client Results Letter.

Maine Update 13

• Partnership and S Corporation Packages:
  • EF Message 0512 now prevents reject ME941P-015 for invalid return ending period.
  • A DRKPARSE for "Correspondence element is invalid" has been resolved.

Michigan Update 17

• Individual Package:
  • An update prevents reject "130" when incomplete data is entered on the "4884 Information" section of MI screen 1.
  • The intended amount is now produced on line 28, "Dividend/interest/capital gains deduction," of MI Schedule 1 when only the spouse was born prior to 1946 on a Married Filing Joint return.

1065 Program Update 20

• The Carbon Oxide Sequestration Credit recapture is now available. See screen K ("Credits" tab), line "AX - 8933 Carbon oxide sequestration credit recapture."
• The ZIP code "59221" can now be used for both Fairview, MT and East Fairview, ND.

North Dakota Update 8

• Individual Package:
  • The "School" drop list has been updated on ND screen PSC.

General Program Update 26

• General program update.

1120 Program Update 21

• General program update.

1120S Program Update 22

• The intended amounts are now produced on line 3h, "Other Income," and line 9k, "Other deductions," of the Shareholder's Basis Worksheet Prepared from the S Corporation Records (Wks SBAS).

South Carolina Update 11

• Individual Package:
  • EF Message 0048 has been updated to prevent SC reject 0016 when claiming a Preceptor Credit and Schedule TC-62 has not been completed.
  • Programming changes prevent reject DRKPARSE for element "Explanation" of SC Form 1040X when the first line of an explanation for an amended return is blank.
  • Form SC1040ES has been approved and can now be printed.

990 Program Update 20

• General program update.

Utah Update 6

• Individual, Corporation, S Corporation, Partnership, and Fiduciary Packages:
  • UT Forms TC-65 and TC-20MC have been approved for printing.

Wisconsin Update 8

• Individual Package:
  • A parse error on the element "OtherIncome" has been resolved when a description of the "other income" is missing from Schedule M.
  • The calculation of line 9 in the "Worksheet 1" section of worksheet WIWK_INS, has been corrected.