taxwise® tax year 2015 changes
DESCRIPTION
No Official List of Changes CCH has not provided an official list of differences between 2014 and 2015 TaxWise These are the changes that the NTTC has found There may be others NTTC Training – TY2015TRANSCRIPT
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TaxWise®
Tax Year 2015 Changes
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No Official List of Changes
● CCH has not provided an official list of differences between 2014 and 2015 TaxWise
● These are the changes that the NTTC has found
● There may be others
NTTC Training – TY2015 2
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Technology
● Must use Tab button in Google Chrome to move from field to field within return
● Run IE 11 in Compatibility View for Enter key, calculator, buttons on W-2, etc. to work – but first screen when opening TaxWise is then:
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Technology
● Ctrl + C now performs as CopyCtrl + V performs as Paste
● TaxWise Online 2013, 2014 and 2015 work with Windows 10 but still needs Internet Explorer for browser
● Chrome works for creating or editing templates
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Activate Users
● All users can be activated or unactivated with a single operation
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New User Role
● Role of ReturnPrinter must be added for any user who will be printing returns (required to create the pdf)
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Identity Theft Protection
● Identity theft PIN for dependents● Driver’s license verification● W-2 verification codes
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Identity Theft PIN for Dependents
● Main Information Sheet
● Data carries over to Form 2441 for dependent care credit
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Driver’s License Verification
● Main Information Sheet
● Optional this year unless required by your state
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W-2 Verification Code
● W-2
● Enter – but not included on all W-2sNTTC Training – TY2015 10
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Difficulty of Care Payments
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● Optional this year and not included on all W-2s
● Worksheet 7
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Capital Gain Worksheet– Holding Period for “Various”
● Short or Long Term determination now based on 1099 Column, so “Various” can be used with short term transactions.
● No over-ride needed
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ACA Worksheets
● ACA Worksheet has two pages and new questions
● Affordability Worksheet added● Marketplace Affordability Worksheet
added
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ACA Worksheet Page 1
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“Yes” adds Form 8962 to the forms tree
“Yes” adds Form 8965 to the forms tree
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ACA Worksheet Page 1
NTTC Training – TY2015
For each person whose exemption is claimed on this return
• First button: No SRP• Second button: SRP part of the year
(must also mark which months)• Third button: SRP for entire year
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ACA Worksheet Page 2
NTTC Training – TY2015
Bottom of 2014 ACA Worksheet is on the bottom of Page 2 of 2015 ACA Worksheet.
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Affordability Worksheet
NTTC Training – TY2015
To bring up the new Affordability Worksheet, add Aff Wkt
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Marketplace Affordability Worksheet
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To bring up the new Marketplace Affordability Worksheet, add MCA Wkt
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Form 8965 Exemption 7a
● TaxWise auto checks 7a based on MAGI on return Includes dependents’ income entered on
ACA Wkt
● Does not auto-check 7b exemption!NTTC Training – TY2015 19
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Form 8965 Continuation Sheet
● If need more lines for exemptions:
NTTC Training – TY2015 20
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New Prep Use Field
● Are you or your spouse a Veteran from the US Armed Forces?
● Answer YES or NO
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ABLE Distributions
● New input field on Wkt2 (should not be needed – if taxable, return is OOS)
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More to Come?
● MyRA contribution From all or part of tax refund
● More diagnostics for ACA and other areas in January
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Identified Issues
● Foreign tax credit simplified limitation election only applies when creditable foreign taxes are not more than $300 or $600 if MFJ TaxWise allows larger amount in top section of Form
1116 TWO instructions incorrectly state that only dividend
or interest foreign income is permitted for simplified limitation election
TWO instructions incorrectly state that only foreign taxes reported on Forms 1099-DIV or 1099-INT are eligible for simplified limitation election
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Identified Issues
● SRP table error for March
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Identified Issues
● 1040 Wkt 7 Line 16 Medicaid Waiver income offset correctly adjusts for EIC and ACTC but doesn’t change earned income on Form 2441 for CDC
● Form 8615 (kiddie tax) not activated when there is filing requirement and has incorrect value on Line 9
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Identified Issues
● Form 8962 Lines 5 and 7: TaxWise is using 2014 instructions and
rounding percentage on line 5 Should not be rounded for TY 2015
TaxWise is using 2014 table of applicable figures on line 7
● Will be fixed before production starts Have requested earlier rectification
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Identified Issues
● 1040 Line 61 Full-year coverage box incorrectly checked when exemption form (8965) is used in return
● Only one Marketplace Affordability Worksheet – may need more than one
● CCH training video on ACA MCA Wkt is seriously flawed
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TaxWise Changes
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Questions?
Comments…
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