17046: 2021.01.12 - Drake20 Updates

Arizona Update 1

• Individual Package:
  • AZ payment overrides entered on federal screen STEX2 now flow to Form 204, Application for Filing Extension.
  • The following charities have been added to drop lists 1 through 3 for donations made in the current tax year:
    • 22279 Cerebral Palsy Hope Foundation
    • 22263 SCHOA Foundation
    • AZ 140 Estimate Wks, Worksheet for Computing Estimated Payments for Individuals, has been approved.
      

1041 Update 3

• The following forms are now available. The watermarks have been removed:
  • 8855
  • 4136
  • 8908
• Forms 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and 2210-F, Underpayment of Estimated Tax By Farmers and Fishermen, have been watermarked pending changes by the IRS.

1040 Program Update 7

• Forms 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and 2210-F, Underpayment of Estimated Tax By Farmers and Fishermen, have been watermarked pending changes by the IRS.
• The IRS no longer accepts a firm as a third-party designee. Due to this change, the option to select a firm as a third-party designee from Setup > Options > Optional Items on Return tab has been removed from the "Preparer" drop list.
• A program update prevents a parse error on Schedule LEP. [PersonNm]
• The "Property type" drop list on screen 8283 has been corrected to match the printed form.
• The following forms are now available. The watermarks have been removed:
  • 8283
  • 4136
  • 5695
  • 8862
  • 8862(SP)
  • 8908
  • 8917

Kansas Update 1

• Individual Package:
  • The correct refund amount is now generated on the client result letter as intended.

Maryland Update 1

• S Corporation and Partnership Packages:
  • The following forms have been approved for printing:
    • Form 500, Corporation Income Tax Return
    • Form 510, Pass-Through Entity Income Tax Return
• Corporation, S Corporation, and Partnership Packages:
  • An update prevents e-file of the MD extension forms at this time.
  • A program update will be released when e-file has been approved

1065 Update 2

• The K-1 Form 8611 (Form 8611 for partners) is now available, and the watermark has been removed.
• The IRS has moved Schedule K-1 codes from the form to the form's instructions, but these codes are still able to be printed through Drake Tax. To generate K-1 codes:
  • (Globally) Mark the "Print page 2 of Schedule K-1 for 1041 and K-1 codes for 1120S and 1065" check box from Setup > Options > Form and Schedule Options tab.
  • (Per Return Basis) From the PRNT screen, select the "Print Schedule K-1 Codes" check box.
  • Applicable codes will now be printed in the Supplemental Section of Schedule K-1 when returns are generated in Drake Tax.
• The "Property type" drop list on screen 8283 has been updated to match the printed form.
• The following forms are now available, and the watermark has been removed:
  • Form 4136, Credit for Federal Tax Paid on Fuels
  • Form 8283, Noncash Charitable Contributions
  • Form 8908, Energy Efficient Home Credit

New Mexico Update 1

• Individual Package:
  • The cents per mile (for medical purposes) deduction on the NM Medical Care Expense Deduction Worksheet has decreased for the 2020 tax year from 20 cents to 17 cents per mile.

Oklahoma Update 1

• Individual Package:
  • The line "OK-2210 Penalty" on OK screen 2210 is now separate from the "Part 1: Required Annual Payment" section.
  • Beneficiary information is now generated as expected on Form 588, Oklahoma First-Time Homebuyer Savings Account.
  • Part 3, "Credit Computation," of Form 584, Credit for Employees in the Vehicle Manufacturing Industry, is now generated as intended.
  • OK Return Note 18 has been updated to show the current tax year.
  • Values in the "2019" column of OK screen COMP will now update as intended.
  • The 2D barcode for Form 511, Resident Income Tax Return, has been activated and can now be printed.
    
• Corporation, S Corporation and Partnership Packages:
  • e-File has been approved for OK Corporation, S Corporation and Partnership packages.
• Corporation and S Corporation Packages:
  • Officer information is now generated as expected on Forms 512, Corporation Income and Franchise Tax Return, and 512-S, Oklahoma Small Business Corporation Income and Franchise Tax Return.
  • Foreign addresses for pages 1 and 6 are now generated as intended for Forms 512, Corporation Income and Franchise Tax Return, and 512-S, Small Business Corporation Income and Franchise Tax Return.
• Partnership Package:
  • The list of available credits on OK screen K1 has been updated.
• Corporation, S Corporation, and Partnership Packages:
  • Page 1 of Form FRX 200, Annual Franchise Tax Return, is now generated as expected when the check box "Mailing Address Change" is marked on OK screen 2001.
• Fiduciary Package:
  • The following elements are now flowing as intended on Form 513NR, Nonresident Fiduciary Return of Income:
    • Tax year (page 1)
    • Line 35, "Refundable Credits from Form..." (page 2)
      
• Individual, Corporation, S Corporation, and Fiduciary Packages:
  • The watermark on Form OW-8-P, Underpayment of Estimated Tax Worksheet, has been removed.
    

General Update 5

• General program update.
  

1120 Update 3

• Form 1120X now correctly reflects the service center where the return was originally filed.
• The "Property type" drop list on screen 8283 has been corrected to match the printed form.
• The following forms are now available. The watermarks have been removed:
  • 8283
  • 4136
  • 8908

1120S Program Update 2

• The K-1 Form 8611 (Form 8611 for shareholders) is now available, and the watermark has been removed.
• The IRS has moved Schedule K-1 codes from the form to the form's instructions, but these codes are still able to be printed through Drake Tax. To generate K-1 codes:
  • (Globally) Mark the "Print page 2 of Schedule K-1 for 1041 and K-1 codes for 1120S and 1065" check box from Setup > Options > Form and Schedule Options tab.
  • (Per Return Basis) From the PRNT screen, select the "Print Schedule K-1 Codes" check box.
  • Applicable codes will now be printed in the Supplemental Section of Schedule K-1 when returns are generated in Drake Tax.
• The "Property type" drop list on screen 8283 has been updated to match the printed form.
• The following forms are now available, and the watermark has been removed:
  • Form 4136, Credit for Federal Tax Paid on Fuels
  • Form 8283, Noncash Charitable Contributions
  • Form 8908, Energy Efficient Home Credit
    

990 Update 3

• Form 4136 is now available, and the watermark has been removed.
  

Virginia Update 1

• All Packages:
  • The following forms and worksheets have been approved:
    • Form 500C Worksheet, Penalty Worksheet
    • Form 8453, Declaration for e-File
    • Form 8453-C, Corporation Declaration for e-File
    • Form 8453-F, Fiduciary Declaration for e-File
    • Form 8454-P, Paid Tax Preparer Hardship Waiver Request
    • Form 8879, VA e-file Signature Authorization
    • Form 8879-C, Corporation e-File Signature Authorization
    • Form 8879-F, Fiduciary e-File Signature Authorization
    • Form 8879-P, PTE e-File Signature Authorization
    • Schedule VK-1 (Form 502), Virginia Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
    • VA PTER, Pass-Through Credit Allocation
    • VA_ADDR Worksheet, Virginia list of Mailing Addresses and Locality Codes
  • VA returns eligible for EF will no longer display a red X on theCalculation Summary Results Screen when no EF Messages are present in the return.
• Corporation, S Corporation, and Partnership Packages:
  • e-File has been approved for VA Corporation, S Corporation, and Partnership packages.
• Corporation Package:
  • The watermark has been removed from VA Form 500, Virginia Corporation Income Tax Return.

Wisconsin Update 1

• Individual Package:
  • A parse error has been resolved on the element "Special Condition," where the value is "02 - Extension - Combat Zone."
• Fiduciary Package:
  • Line 11 descriptions for "Long-Term Capital Loss Carryover" and "Excess Deductions - Non-Miscellaneous Itemized Deductions" on Schedule 2K-1, Beneficiary's Share of Income, Deductions, etc., have been updated and are now generated as intended.