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Release Notes for Version 9.01 Build 370, released
December 13, 2006 In General
2007 Tax update. We have updated all federal tax brackets and all
the inflation adjusted federal tax numbers to use actual numbers for
2007. Items that were adjusted include exemption levels, exemption
phaseouts, FICA threshold, earned income credit thresholds, the standard
deduction, and the hope and lifetime learning credit phaseouts. The
impact on calculations will be minor, because our estimates of the 2007
numbers were close to the numbers that were released.
Wages as Self employment Income. It is now possible to specify
that wages are "self-employment" income. Previously, in order to enter
self-employment income, it was necessary to create a family business.
Child Expense Report. You may now print a report showing just the
children's expenses.
One-Page Summary. You now print the one-page summary report
showing expenses monthly, as well as annually.
Real Estate. We have made a number of small changes to make the
real estate "more info" screen more user friendly. Now, the first
mortgage always appears; there is no need to specify that there is a
first mortgage. On refinancings, we now show the amount to be paid to
both parties, not just one party. On the sale of real estate, we have
changed the word "income" to the word proceeds, and we have clarified
that the three parts of the report are pretax proceeds, estimated tax,
and the after-tax proceeds. For refinancings, we have added entries to
enable you to specify monthly mortgage payments before the refinancing.
Party Names on Startup. The software now asks for the parties
first names on startup. This allows you to go straight to the Assets &
Liabilities screen, if you are using the Lawyer tab.
Non-Printing Scenarios. On the Negotiate tab > Scenarios screen,
it is now possible to designate some of the columns as "nonprinting"
columns. To do that, specify the column as "Inactive."
Graphs for One Party. Where only one party is being displayed,
the color that we use will now be black. Also, we had been showing a
solid line of zeros for the other party. Now, there is no line for the
other party.
Default rates. We updated the default pension and mortgage
interest rate. We looked at the projected inflation rate, but it is not
projected to change.
Lawyer Tab
Mortgages on the Top Level. It is now possible to enter a
mortgage balance and monthly payment directly on the top level of the
Assets and Liabilities screen.
Better Organization of Income & Expense Screen. We have condensed
the Income & Expense screen somewhat and organized it in a way that
should be easier to use.
Filing Status With "Background Information". For your
convenience, we have added present and future filing status to be
entered with "Background Information." You should now not need the
"Assumptions" section at all.
Cash Flow Graph. On the Assets & Liabilities screen, it is now
possible to show or not show the cash flow graph (and the "% to party"
column) at the top level. You also have control of several other columns
which you may choose to show or not show. To see and select your
options, click the link at the top of the screen, "Click here to set
'Assets and Liability' Screen Options." (Regardless of the options you
selected for the top level, all data is shown at the "more info" level.)
Shared Expenses. It is now possible to elect to create "shared
expenses." All shared expenses go into a "shared expense" total. The
total of those expenses is then divided according to a single percentage
share (e.g. 50/50 or 60/40) that you specify.
To show shared expenses, go to the Lawyer tab > Income & Expenses page,
then click the link at the top to set options, and select the box for
"Display fields for shared expenses."
You may print a report showing the shared living expenses, from the
"More Reports" screen.
"Shared Expenses" are not available in New York or New Jersey.
Major Expenses. It is now possible to specify the purpose of a
major expense (college, secondary school, etc.), and the person for whom
the expense is being made (parties or children). This helps us be more
accurate when we are completing the financial affidavit.
Connecticut
"More Info" for expenses. When entering expenses in the Income &
Expenses page, it is now possible to enter "more info" for any expense.
This enables you to specify expenses that end on specified dates. Or,
you may override the expenses to specify a different expense amount each
year if you wish. You may also change the program's tax treatment of any
expense.
Footnotes for expenses. It is now possible to enter footnotes for
any expense.
New Jersey
New Guideline Table. We have updated the New Jersey child support
guidelines by incorporating the new table.
Longer Descriptions. it is now possible to enter longer
descriptions in several of the description fields. We have also added a
blank line for additional description in Schedule B of the expense
section.
"More Info" for expenses. When entering expenses in the Case
Information Statement format, it is now possible to enter "more info"
for expenses. This enables you to specify expenses that end on specified
dates. Or, you may override the expenses to specify a different expense
amount each year if you wish. You may also change the program's tax
treatment of any expense.
Footnotes for expenses. It is now possible to enter footnotes for
any expense.
New York
"Both parties" option for expenses. It is now possible to click a
link at the top of the screen, to view both parties' incomes and
expenses side-by-side on a monthly basis. This makes it easier to view
and compare the parties' expenses.
"More Info" for expenses. When entering expenses in the New York
Net Worth Statement format, it is now possible to enter "more info" for
expenses. This enables you to specify expenses that end on specified
dates. Or, you may override the expenses to specify a different expense
amount each year if you wish. You may also change the program's tax
treatment of any expense.
Footnotes for expenses. It is now possible to enter footnotes for
any expense.
Description Fields Clarified. If you are entering data directly
on the Assets screen of the Net Worth Statement, you can now see which
field will appear on the Client Data section as the description. It is
the field that is presented in bold letters. This will make it easier
for you to enter data on the Assets screen of the Net Worth Statement.
Assets and Liabilities Listed. It is now the case that all assets
and liabilities will be listed on both parties Net Worth pages, even
those that will not print for that party. This enables you to prevent
assets and liabilities from being "lost." Assets and Liabilities that
will not print for that party are labeled as such above the entry for
the liability.
Statement Page. We have added the party's name and a signature
line on the Statement page.
Rhode Island
"More Info" for expenses. When entering expenses in the Income &
Expenses page, it is now possible to enter "more info" for any expense.
This enables you to specify expenses that end on specified dates. Or,
you may override the expenses to specify a different expense amount each
year if you wish. You may also change the program's tax treatment of any
expense.
Footnotes for expenses. It is now possible to enter footnotes for
any expense.
Problems Fixed
IRA mortality table. We had been using the IRA mortality table
for a single life to determine the required minimum distribution. We
should have been using the uniform lifetime table. That has been fixed.
IRA distributions and liquidations. In situations in which there
were IRA regular distributions and liquidations in the same year, we
were not properly accounting for the growth in IRA accounts. That has
been fixed.
Footnote Display. If there was only one footnote, it was not
being displayed. This has been fixed.
Negative Expenses. Negative expenses (i.e., income entered on the
living expense page) were not being totaled correctly in the Budget
Report. This has been fixed.
Real Estate Sale Report. On occasion, the software would indicate
that there was no real estate for sale and fail to display the real
estate sale report. That has been fixed.
Life Insurance Expense in New Jersey. Life insurance expense that
was entered on the New Jersey case information statement was not being
included in the totals. That has been fixed.
Alimony Trade-Off. This was not giving the correct results in
situations where child support was continuing for less than 12 months in
the current year. We fixed that, and also clarified the screen so that
it is more user-friendly.
Pension Projections. A if you are using an outsider
appraisal and had specified a coverture fraction, our pension
projections were still reflecting 100% ownership with the employee. That
has been fixed.
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