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Release Notes for Version 9.06, released
July 19, 2007 In this release, we have added the ability to
have unallocated assets, and we have made improvements in the ability to
enter information about residences, mortgages, IRAs, and property
settlements. In General
Allocations. It is now possible to indicate that assets are
"unallocated." You do this by deleting the % to party field or the
Amount to party field. This is very helpful if you want to do a property
division starting with a clean slate. On the Property Division
worksheet, there is a new option to display a graph that shows total to
each party and total unallocated. (This would be instead of the pie
chart.) On the Property Division report, unallocated assets will be
included in the total, but not in either party's column. With respect to
net worth projections, property that is not allocated is not included in
either party's totals. Also, income from assets is not included for
either party if the asset is unallocated. You may specify whether you
want new assets to be unallocated, or whether you want the old style of
automatic 50/50 allocation. To do that, go to the Planner > Assumptions
screen or the Lawyers > Case & Assumptions screen.
Budget Report. We have added an option in the budget
report options to display a subtotal showing income after taxes but
before expenses. If you choose that option, the remainder of the budget
report shows expenses and the bottom line After-Tax Cash.
IRA Contributions. It is now possible to specify that IRA
contributions will increase at a percentage rate that you specify. In
order to have IRA contributions maintain a steady percent of wages, set
this percentage increase to be the same as the percent increase of
wages. You may also specify a maximum IRA contribution, to be sure that
the contribution does not go up over the legal limit.
Mortgage Interest Rates. You may now specify a mortgage interest
rate to three decimal points. This allows you to exactly enter a
mortgage interest rate that is expressed in eighths.
Mortgage Balloon Payments. It is now possible to enter balloon
payments for mortgages. On the "more info" page for the mortgage, simply
specify a month and year of the balloon payment.
Expense of Sale. We now default the expense of sale to be 8% of
the sale price. If you change the value, appreciation rate, or
percentage for expenses of sale, the expense of sale amount will update
instantly. You may override the expense of sale amount to enter whatever
amount you wish.
Second Mortgages. It is now possible to enter a second mortgage
on a residence that is not currently owned. This allows you to specify
to mortgages to be taken out on a new residence.
Settlement Notes. It is now possible to enter a settlement note
with interest. You specify the startup date, the number of years, and
the interest rate. The software automatically calculates the monthly
payment, as well as the interest and principal portion. The software
automatically adds the interest portion to taxable income.
Enhancements for New York.
We have added an "X" box for each car payment line to give option to not
include the car payment in the total. That way, the car payment may also
be entered as a debt and not be double-counted.
If "wages" are marked as self-employment income, we now carry this to
"Self employment, per year" rather than "Wages, per year" in "NY Gross
Income III (a)."
We now have X boxes for New York City tax and Yonkers tax where the
state of residency is NY but state of filing is some other state. This
is on the "more info" screen for the "Background & Child" screen.
We added a selection for "who pays" for mortgages on both the assets and
liabilities pages for the NY Net Worth statement. This makes it easier
to enter the mortgage directly on the Net Worth Statement.
We added a place to enter the "percent paid by party" for liabilities
directly on the Net Worth Statement. This also makes it easier to enter
that information directly on the Net Worth Statement.
When you are viewing both self and spouse on the Expenses page, we now
have footnotes for both parties available on that page. Previously, you
could enter footnotes for each party only by going to the page that
contained only that party's information.
Enhancements for Connecticut.
In the Affidavit Section "A. Real Estate" description, we were
truncating the description by one character. That has been fixed.
We added a "second" description field on the Affidavit for asset classes
(except real estate).
On the guideline worksheet, we added an X box for at top for "other"
custody. If you X that box, the husband or wife custody checkbox
disappears, and you may write the word "shared." This does not affect
the guideline calculations.
Enhancements for Maryland
It is now possible to enter the county where each individual lives in
Maryland. That rate is now added to the basic Maryland state tax rate
when we calculate state taxes. You enter the county on the "more info"
screen on the Planner tab > Background Information screen. Or, you may
enter it on the "more info" screen on the Lawyer tab > Background &
Child screen.
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