A3 / Chart C
Add #5. You have a capital gain and get a 1099-B and the gross proceeds plus other income exceeds the filing limits in Chart A
Chart D
Add #9. You qualify for the Making Work Pay credit.
B1 / Flowchart box Did you or your spouse live apart during the last 6 months of the year? Insert all of the last 6 months of the year.
C3 Overview / Test to be a QC column # 1 add after you. …or your spouse if MFJ.
C3 Qualifying… / Third box (bolded), change “the following rules…” to “the following tiebreaker rules…”
C5 Step 1 / Should read “… or the qualifying child of any other taxpayer” instead of anyone else
E3 / Add at top of chart, Taxpayer must be legally liable for the loan
Student qualifications should read:
- You, your spouse, or your dependent, or
- Your dependent when the loan was made, and
- Enrolled at least half-time in a program leading to a degree, certificate or other recognized educational credential
F4 Step 14 / Change $500 to $5,000.
Change the Note to read, “If between $500 and $5,000, use Form 8283”
G1 / Who is a qualifying person?
First bullet, insert “qualifying” before “child”.
Second bullet, insert “disabled” before person
Add a bullet, “Must have lived with you more than half the year.”
Qualified work related expenses. Add the following omitted text from the 2009 4012
Expenses to attend Kindergarten or a higher grade are not expenses for care.
Expenses for summer day camp are qualifying but those for overnight camp are not.
G3 / Who Can Claim the Credit?
Final bullet- change ‘can claim’ to ‘claims’
H2 / Under Rules for everyone ADD- Must have Earned Income
See Pub 17 chapter for definitions
H2 / Add a footnote: Investment Income is taxable interest +tax-exempt interest+ ordinary dividends+ capital gains
No of children / Max credit
3 or more / $5666
2 / $5036
1 / $3050
none / $457
Copy table to the right of Part D
1-8 / 4th side note
Add to ‘Complete for deceased taxpayer’ together with Name line 2 see Tab1-7 Note 1
2-2 / 7th side note Add If answered YES, ‘Link to State tax refund worksheet’
9th side note Link to Sch C(-EZ) add parentheses and or look in tree for Sch C(-EZ)
2-4 / How to report unreported tips
Should say ‘Link to Form 4137 from line 7 or 57…’ NOT as stated Line 59
2-8 / Add screenshot for Sch C page 2
2-12 / Paste following over Rollover text
Rollover
If this 1099-R is not coded G but is actually a rollover, on line 1 of the Exclusion Worksheet enter the amount that was rolled over within the 60-day period. TaxWise will transfer the amount to the proper lines on 1040 pg 1. Additionally, if the distribution is from an IRA and if the IRA box was checked on the TaxWise 1099-R, the box on 1040 pg 1 Line 15 is automatically checked and turns red. Click in the box and press F9 to link to the IRA Rollover Explanation Worksheet. Enter the facts of the rollover, e.g., $12345 transferred from Poor Brokers to Rich Brokers within 60 days.
2-15 / Sch E Rental Income and LossAdd Parentheses (FOR MILITARY ONLY)
Add Used for Oil and gas rents and royalties from 1099MISC or simple K1
The following changes are needed to update the screenshots to 2010 software
3-1 / Delete line ‘Clean fuel vehicles’
Add to final line for line 35 Deduction for whistleblower fees
4-1
Delete 40b and 42 first 3 lines and part of 4th line
Leave Multiply $3,650 by the total number of exemptions on line 6d Add (Main Info sheet)
5-2 / Change amount on line 8 from 0.27 to 0.35In the line 8 the text should refer to 2010 not 2007
So 2nd line should say , If you paid in 2010 dependent care expenses in a prior year
6-1 replace this section of page with screenshot
6-2 / Dates on ACH form incorrectReplace 2009 with2010, Replace 2010 with2011
Replace April 15with April 18
Payment dates s/b 04/18/2011, 06/15/2011, 09/15/2011, 01/17/2012