Final Version of TaxAct

[ruthc]

Has anyone received the final version for TaxAct?

[ATSMAN]

I don't use Taxact but I am on their e-mail list and they just announced that they have that available for download!

[ruthc]

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.

[ATSMAN]

No e-file until 1/20.

[ruthc]

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!

[DonPriebe]

... I just wanted to do a sample return with the new repair regs to see how the software worked with the new elections.

I 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.

[ATSMAN]

I 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.

Unless you are playing in the big league (I am not), you will most likely deal with the small taxpayer safe harbor for rentals. Taxpayer does not need to capitalize improvements if the total annual costs for repairs, maintenance and improvements do not exceed the lesser of $10,000 or 2% of the unadjusted basis of the building.

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.