Updates
- You used the Last Year's Data Worksheet before updating TaxCut. The problem does not affect you if you used the interview.
- Line 12 of Form 2210, Underpayment Penalty, is $1,000 or more.
- On the Prepare tab, click the Forms button (located in the bottom right corner).
- If the list of TaxCut forms isn't displayed, click the All Forms button at the bottom of the window.
- At the top of the forms list, click the checkbox labeled "Show Only Forms with Data."
- Double-click "Last Year's Data Worksheet," which appears in the list under Form 1040.
- Make any necessary changes to the worksheet, and then click the Close box at the top of the form.
- You are reporting an expired option; and
- You are printing and mailing your return.
- You reported the sale of a block of stock, which you acquired on various dates.
- You are printing and mailing your return.
- You are reporting capital gains/losses only on lines 1, 8, and 13; AND
- You are reporting a capital loss on line 1 or line 8, but no sale proceeds on line 3 or line 10.
- You (or your spouse if married filing jointly) are a statutory employee with income reported on Form W-2; and
- Your return includes two or more Form W-2's.
- You are reporting seller-financed mortgage interest;
- You have less than $400 of taxable interest and less than $400 of dividends; and
- You are printing and mailing your return.
- You are reporting two or more qualifying children on Schedule EIC; and
- You are printing and mailing your return.
- You recharacterized an IRA contribution (including a conversion contribution) from a traditional or SIMPLE IRA to a Roth IRA, or vice versa.
- You entered an explanation of the recharacterization in TaxCut. The "Recharacterization Explanation" at the end of Form 8606 in TaxCut should be completed in these circumstances.
- You are filing a paper return (not 1040PC).
- On the Prepare tab, click the Forms button.
- Open Form 8606 and select the copy of the form for which a Recharacterization Explanation has been completed.
- Click the Print button at the top of the screen, select "Print for Filing," and click the OK button.
- Attach the Recharacterization Explanation to your return. Do not include the rest of the Form 8606 that printed.
- You are claiming the earned income credit (EIC);
- You converted a traditional, SEP, or SIMPLE IRA to a Roth IRA in 1998 and chose to spread the taxable income from the conversion over four years; and
- You received a distribution from an IRA during 1999.
- On the Prepare tab, click the Forms button.
- Open Schedule EIC.
- Go to line 9, Nontaxable pensions, IRA distributions, in Section C.
- Increase the amount shown on line 9 by the amount of 1998 conversions taxable 1999. To override the amount:
- Click on line 9, and then click the Entry Info icon (the green button to the left of the line).
- In the Entry Info dialog box, check the Override checkbox, and enter the correct amount.
- Click the OK button, then click the Close button.
1999 Macintosh Workarounds and Other Problems  Last Year's Data Worksheet Users Affected: This problem affects you only if both these conditions apply to you: Problem:
If you used the Last Year's Data
Worksheet before updating TaxCut, the calculation of your underpayment penalty on Form
2210 may be affected. Return to Other Federal Problems Problem:
When the word "expire" was
carried to Schedule D, slashes were inserted between letters. Return to Other Federal Problems Problem:
When the word
"various" was carried to Schedule D, slashes were inserted between letters. Return to Other Federal Problems Problem: Schedule D will not print when printing your
entire return. Return to Other Federal Problems Problem:
TaxCut creates a blank Schedule C for each additional Form W-2. Return to Other Federal Problems Problem:
When printing the forms in your
return for filing, TaxCut doesn't print Schedule B or Schedule 1. Return to Other Federal Problems Problem:
When printing the forms in your return for filing, TaxCut doesn't print Schedule
EIC. Return to Other Federal Problems Problem: The Recharacterization Explanation doesn't print out as part of the return. Return to Other Federal Problems Problem:
Form 5329, Additional Taxes Attributable
to IRAs, Other Qualified Retirement Plans, Annuities, Modified Endowment Contracts, and
MSAs, might not be included with your return when necessary. Return to Other Federal Problems Problem:
When calculating modified adjusted gross income
for purposes of the EIC, TaxCut reduces the amount of nontaxable pensions or annuities by
the amount of 1998 conversions taxable in 1999.
This may result in an overstatement of your
EIC. Return to Other Federal Problems Problem:
TaxCut's electronic filing program was
not compatible with these types of processors. |