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Release Notes for Version 8.01 Build 359, released
01/01/2006
Tax Updates. We have updated the tax brackets, standard
deduction, itemized deduction phaseouts, exemption level, exemption
phaseout thresholds, earned income credit, Social Security threshold,
and Hope and Lifetime Learning credit phaseouts, for inflation
adjustments.
Pennsylvania Child Support Guideline. We have implemented the new
Pennsylvania child support guidelines, which are effective on January
27, 2006. You may still use the old guidelines, by selecting Guidelines
tab / Introduction / Guidelines Prior to 2005 Revisions.
Data Entry Sheets. We have created a streamlined data entry
sheet. To view and print it, click the Files tab, then Data Entry
Sheets. We have also added more options in the printing of Data Entry
Sheets:
- You my print data sheets for one or both parties.
- You may print with different names than are in the current case.
- You may include or exclude questions about separate property.
- You may specify the Summary or Detailed expense list.
Sale of Residence. When a residence is sold, we now estimate
the mortgage balance as of the date of sale. Previously, we were
estimating the mortgage balance as of the end of the year in which the
sale took place.
IRA mortality table. We have updated the IRA mortality table to
use the latest table promulgated by the IRS. The impact of this change
should be to marginally reduce the required minimum distribution from
IRAs and 401(k)s.
Inflation rate. We have updated our default projected inflation
rate. The rate that we are currently using is 2.5%. Previously, we
created our own projection as a weighted average of past rates (and for
2005 we were exactly correct). This year, to have a more authoritative
source, we are adopting the projected inflation rate from the
Congressional Budget Office economic forecast. You may read more about
this rate by going to www.cbo.gov and
clicking on "Key Economic Forecasts"
Lawyer Tab help. We have added a link at the top of the
"Background Info" screen on the Lawyer tab, which gives a general
information about entering data in the Lawyer Tab and answers a number
of frequently asked questions.
Lawyer Tab Affidavit. Throughout the Lawyer Tab, we now refer
specifically to the name of the state financial form (e.g., New York Net
Worth statement, Connecticut Affidavit, Rhode Island DR6AB). This should
make it easier to find the financial form when you wish to enter data or
to print it.
Alimony Calculator, Expanded Report. We have improved the
Expanded Report on the Alimony Calculator in a few ways. First, we now
clarify that unemployment taxes are included in federal income tax,
while FICA taxes are on their on line. We segment it in this manner
because the rest of the program and actual tax returns work this way.
Second, on several key lines, we have added text explaining how those
lines are calculated. This text should help clarify the worksheet.
Living Expense screen. We removed the Tax Category from the
Living Expense screen. (It is still possible to change the Tax Category,
using the More Info link on each Living Expense line.) We did this to
help reduce inadvertent user errors. Because of the way Windows works,
the Tax Category selection could have gotten flipped inadvertently if
you rolled the scroll wheel on your mouse while the cursor was sitting
in that field.
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