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16947: 2020.11.01 through 2020.12.31 - Drake19 Updates


Drake19 Update Notes

2020.11.01 through 2020.12.31 - Drake19 Updates

 

California Update 33

  • Corporation and S Corporation Packages:
    • EF Message 2905 is no longer generated when the amended return of a previously accepted return is transmitted.

Indiana Update 21

  • Individual Package:
    • The check box "Other" on page 2, Part 1, "Explanation of changes," of Indiana Form IT-40X, Indiana Amended Individual Income Tax Return, now uses the federal explanation.
  • Partnership and Fiduciary Packages:
    • The partner type has been restricted to "Corporation" on Indiana Schedule Composite-COR, Composite Indiana Adjusted Gross Income Tax Return for Corporate Entities, per Indiana Income Tax Information Bulletin #72. 

Illinois Update 34

  • Corporation Package:
    • EF Message 0339 is now generated if Step 6, line 31, of Form IL-2220 Computation of Penalties for Businesses, is not equal to the first occurrence of Form IL2220, Step 6, line 34, preventing IL reject IL2220-8100-5.

Massachusetts Update 24

  • S Corporation Package:
    • Tax rates for S corporations filing Form 355-U, Excise for Taxpayers Subject to Combined Reporting unitary return, with gross receipts of more than $6 million have been updated.

Indiana Update 22

  • Individual Package
    • When filing only a federal extension and no Indiana extension, amounts for Indiana in the "Calculated Amount to Pay" column on federal screen STX2 no longer flow to line 3, "Estimated tax paid for 2020," for the following Schedules unless the "Extension was previously filed; ready to file state/city tax return" box is marked.
    • Schedule 5/Schedule IN-DONATE (Form IT-40), Credits
    • Schedule F/Schedule IN-DONATE (Form IT-40PNR), Credits

Kentucky Update 28

  • Corporation Package:
    • An update prevents reject "F720-0074" when depreciation adjustments flow to line 14, "Depreciation adjustment," on Part III, Taxable Income Computation," of KY Form 720, Corporation Income Tax and LLET Return.

Arizona Update 50

  • Fiduciary Package:
    • The name and EIN of the entity is now generated on AZ Worksheet: Net Long-Term Capital Gain Subtraction for Assets Acquired After December 31, 2011, as intended.

Alaska Update 10

  • S Corporation Package:
    • An update prevents an e-file reject for element "http://www.irs.gov/efile:StateSchemaVersionNum."

1040 Update 74

  • Capital gains from S corporation distributions in excess of stock basis that flow to Form 8949, Sales and Other Dispositions of Capital Assets, are now included in AMT Form 8949, Sales and Other Dispositions of Capital Assets, and AMT Schedule D (Form 1040), Capital Gains and Losses, as intended.

Federal Update 50

  • Individual, Corporation, S Corporation, Partnership, Fiduciary, and Tax-Exempt Packages:
    • EF Message 1497 is now generated if the preparer attempts to transmit a FinCEN Form 114 that already has a "P," "B," "A," or "R" Ack.

706 Update 8

  • The basic exclusion amount for 706 Estate returns with a date of death in 2020 has been updated in the program.

Kentucky Update 29

  • Partnership Package:
    • Lines 12, "Total tax paid on original return," and 14, "Tax overpayment on original return," have been added to KY screen NPWH to reflect changes for Form 740NP-WH, Kentucky Nonresident Income Tax Withholding on Distributive Share Income Report and Composite Income Tax Return.

Michigan Cities Update 41

  • Individual Package:
    • All part-year and nonresident filers of Michigan Common Cities will now have the MI worksheet for line 6, "Business income or (loss)," of Form CF- 040, Individual Return, generated if federal Schedule C (Form 1040), Profit or Loss from Business, shows a loss.

Indiana Update 23

  • Individual, Corporation, S Corporation, and Partnership Packages:
    • Province codes for the country of Israel are now included in the foreign address province code list on IN screen 1.

Louisiana Update 22

  • Individual Package
    • The total amount of estimated tax payments now flows to Line 3, "Enter the total amount from your 2019 Form IT-540B, Lines 19 and 27 through 32," of Worksheet LA Form 210NR, Section 3 - Exemptions (LA N210Wks1) as intended. Prior to this update, the amount of estimated payments was doubled on this line.

Georgia Update 19

  • S Corporation and Partnership Packages:
    • The "Tax Due" override field on GA screen K1 now functions as expected on GA Form IT CR, Georgia Nonresident Composite Tax Return, for partners or shareholders that are partnerships, corporations, estates, or trusts.
    • The top tier Individual tax rate and the tax rate for partners or shareholders that are partnerships, corporations, estates, or trusts has been updated to 5.75% on GA Form IT CR, Georgia Nonresident Composite Tax Return. Prior to this update, it was calculated at 6%.

Montana Update 48

  • The writeback for the Elderly Homeowner/Renter Credit Schedule, line 22, "This is your elderly homeowner/renter credit" to screen EC Elderly Homeowner/Renter for line 7, "Refundable credits received including the elderly homeowner/renter credit" will now update to 2020. (The 2019 return may need to be recalculated before being brought forward to 2020.)
  • The P & I Worksheet, Late file penalty, late payment, and interest - Line 4 (MTWK_PI), will calculate the minimum late filing penalty of $50 when the taxpayer or spouse has a refund on their tax return.
  • The override field for the spouse, line 4, "Late file penalty, late payment and interest," on MT screen 2 will work as expected.

Arkansas Update 43

  • Corporation Package:
    • A net operating loss (NOL) will now flow from Form AR1100NOL, Arkansas Schedule of Net Operating Loss, to line 29 of Form AR1100CT, Arkansas Corporation Income Tax Return, as intended.

General Program Update 65

  • General program update.

1040 Update 75

  • For 1040-NR returns, the limited state and local tax deduction will now be used when calculating the taxable amount of next year's state tax refund (if any) that will be updated to screen 3 in Drake Tax 2020. Prior to this update, the portion of any state refund that is taxable in 2020 could have been calculated incorrectly for 1040-NR returns with more than $10,000 ($5,000 if filing status is "5 - Married nonresident alien") in state and local income taxes entered on Schedule A, line 1a. Affected returns should be recalculated after this update is installed and before updating the returns to Drake Tax 2020.
  • The "Resident" state and "Total" state tax amounts will now be displayed correctly on the Tax Planner's "Tax Scenario Planning Comparison" page.

Illinois Update 35

  • Individual, Corporation, and Fiduciary Packages:
    • IL Schedules 1299-C, Income Tax Subtractions and Credits (for individuals), and 1299-D, Income Tax Credits (for corporations and fiduciaries), have been updated in preparation for transferring carryforward amounts from Drake Tax 2019 to Drake Tax 2020. 
    • The total of the carryforward will now be used for the 2020 IL Schedule 1299-D. 

Iowa Update 33

  • Corporation Package:
    • The "Period Ending" year on Form IA 1120ES, Corporate Estimate Tax Payment Voucher, has been updated to show "2020" for calendar year returns and "2021" for fiscal year returns.

General Update 66

  • General Program Updates

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