Has anyone received the final version for TaxAct?
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Final Version of TaxAct
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Thanks!
Thanks for the reply. I wanted to know because I thought they emailed me about the final version and I did a download, but when I experimented with a client's return, the software noted that nothing can be filed yet because all forms aren't final yet, especially the depreciation form. Thanks for the info.
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Not a final version yet.
I wasn't ready to efile yet. I just wanted to do a sample return with the new repair regs to see how the software worked with the new elections. I have been notified by TaxAct that the depreciation forms are not final yet even though the email said it was the final version.
Thanks for the responses!
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Originally posted by ruthc View Post... I just wanted to do a sample return with the new repair regs to see how the software worked with the new elections.
Checking the box to use the "De minimis safe harbor" adds an election to the return that says you are electing to use the safe harbor. It apparently does nothing to verify this - using the de minimis safe harbor I was also allowed to depreciate a $50 item called "Repairs"
You get the message about the 4562 not being finalized when you attempt to print the return.
FWIW, in TaxWise you apparently add the "Elections" page and type in your own text. ATX used to have an "elections" page with several dozen standard election to choose from - don't know what it has this year.
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Originally posted by DonPriebe View PostI tried that (not with the preparers' edition, but with the deluxe.) The Schedule C has three check boxes, labeled "Small taxpayer safe harbor", "De minimis safe harbor" and "Capitalize repair & maintenance costs". You may select any or all of them. I can't find any instructions about these boxes.
Checking the box to use the "De minimis safe harbor" adds an election to the return that says you are electing to use the safe harbor. It apparently does nothing to verify this - using the de minimis safe harbor I was also allowed to depreciate a $50 item called "Repairs"
You get the message about the 4562 not being finalized when you attempt to print the return.
FWIW, in TaxWise you apparently add the "Elections" page and type in your own text. ATX used to have an "elections" page with several dozen standard election to choose from - don't know what it has this year.
This will make a big difference.
For the De-minimis safe harbor it will most likely be the $500 limit! Taxpayer does not have an applicable financial statement, the amount is limited to $500 per item to deduct.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR
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