New Additions to Lacerte Tax Planner
- Input added for 179 expense in the worksheets for schedule C, E, and F activities (with 179 carryover being tracked year to year for each of these schedules).
- Next year depreciation and 179 expense is bridged into the tax planner when a tax return is transferred into the planner (make sure next year depreciation schedules are enabled within the program).
- The AMT adjustment section of the fiduciary k-1 worksheet was expanded for increased accuracy of the plan.
- Expanded partnership and S-Corp K-1 worksheets (the following separately stated items have been added to the partnership and Scorp K-1 worksheets: Section 59(e)(2) expenses and 4797 line 10 gain).
- The tax planner has been updated to calculate and track the new refundable portion of the Minimum Tax Credit.
- Completely up to date on all recent kiddie tax changes.
- Calculates the maximum amount of allowable Self-employed Roth Contributions (since these amounts are not deductible, the allowable amount is shown in a diagnostic).
- Input has been added for qualified mortgage insurance premiums (as a reminder, mortgage insurance premiums are only deductible for mortgages taken out in 2007 and beyond).
- Completely up to date on recent changes to the Child AMT exemptions.
- Supports IRA distributions that have been wired directly to a charity.
- Input has been added to the wage worksheet for contributions to a ROTH 401K or 403(b) plan (these entries are taken into account for the purposes of computing the qualified and SIMPLE retirement plans, and these amounts automatically transfer from the tax program).
- Completely up to date on recently released 2008 indexed amounts (eg. standard deduction, personal exemption, maximum amount of SE income subject to SE tax, etc.)
- Input has been added to the Self-employment tax worksheet for "Net profits earned while in chapter 11 bankruptcy".
- An input field has been added for NOL carrybacks.
- Input has been added for qualified conservation charitable deduction.
- Pension/IRA Distributions worksheets are redesigned for easier use.
- An override has been added for Alternative minimum tax exemption so "What if" scenarios can be analyzed (in consideration of the pending Alt Min tax legislation).
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