--------------------------------------------------------------- TaxAct 2016 Program Update --------------------------------------------------------------- Welcome to the TaxAct 2016 Program Update. This document contains useful information about the program that was not available when the help was created. --------------------------------------------------------------- Program Changes Included in the Update --------------------------------------------------------------- A modification was made to Schedule A (Form 1040NR) - Itemized Deductions to limit total deductions when income is over a certain threshold. A modification was made to Publication 590-B, Worksheet 1-1 calculation if the IRA distribution was not fully taxable Added Final Release of FinCEN Form 114 – Report of Foreign Bank and Financial Accounts A modification was made to Form 8880 - Credit for Qualified Retirement Savings Contribution if filing a joint return and only one spouse qualifies for the credit. Added Final Release of Form 8854 – Initial and Annual Expatriation Statement A modification was made to Form 8962 – Premium Tax Credit if you had excess advance premium tax credit and a need to make a repayment. Added Final Release of Form 4255 – Recapture of Investment Credit A modification has been made due to an IRS clarification, assets placed in service after 2015 electing not to have any special depreciation apply will not be subject to any AMT adjustment for depreciation Added Final Release of Form 1040-ES – Estimated Tax for Individuals Added Final Release of Form 1040-ES (NR) – U.S. Estimated Tax for Nonresident Alien Individuals Added Final Release of Form 3468 – Investment Credit Added Final Release of Form 6765 – Credit for Increasing Research Activities Added Final Release of Form 8835 – Renewable Electricity, Refined Coal, and Indian Coal Production Credit Added Final Release of Form 8896 – Low Sulfur Diesel Fuel Production Credit Added Final Release of Form 8912 – Credit to Holders of Tax Credit Bonds Added Final Release of Form 8941 – Credit for Small Employer Health Insurance Premiums Added Final Release of Form 1040-NR – U.S. Nonresident Alien Income Tax Return Added Final Release of Form 1040-NR-EZ – U.S. Income Tax Return for Certain Nonresident Aliens with No Dependents Added Final Release of Form 3800 – General Business Credit Added Final Release of Form 5884 – Work Opportunity Credit Added Final Release of Form 6478 – Biofuel Producer Credit Added Final Release of Form 6781 – Gains and Losses from Section 1256 Contracts and Straddles Added Final Release of Form 8621 – Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Added Final Release of Form 8844 – Empowerment Zone Employment Credit Added Final Release of Form 8845 – Indian Employment Credit Added Final Release of Form 8846 – Credit for Employer Social Security and Medicare Taxes Paid on Certain Employer Tips Added Final Release of Form 8864 – Biodiesel and Renewable Diesel Fuels Credit Added Final Release of Form 8900 – Qualified Railroad Track Maintenance Credit Added Final Release of Form 8908 – Energy Efficient Home Credit Added Final Release of Form 8910 – Alternative Motor Vehicle Credit Added Final Release of Form 8911 – Alternative Fuel Vehicle Refueling Property Credit Added Final Release of Form 8933 – Carbon Dioxide Sequestration Credit Added Final Release of Form 8936 – Qualified Plug-In Electric Drive Motor Vehicle Credit Added Final Release of Form 1040-X – Amended U.S. Individual Income Tax Return A modification was made to Form 5405 - Repayment of the First-Time Homebuyer Credit if the home was converted to a rental or business or sold to a related person. Date: 30 May 2024 13:41:45