CCH® ProSystem fx® Planning: v2020.02000 Release Notes

  • Article Type:
  • Documentation
  • Last Modified:
  • 01/24/2020

Objectives

CCH ProSystem fx Planning: v2020.02000 Release Notes

Environment

  • CCH ProSystem fx Planning
  • v2020.02000

Details

Click the attached PDF to view the full release notes for CCH ProSystem fx Planning: Release v2020.02000.

New in this Release

H.R. 1865, Further Consolidated Appropriations Act of 2020

  • Extension of tuition and fees deduction
  • Extension of deduction for mortgage insurance premiums
  • Extension of nonbusiness energy property credit
  • Medical expense floor lowered to 7.5% of AGI
  • Standard deduction can be increased by qualified disaster related to a personal casualty loss
  • Election to use prior year earned income to calculateĀ earned income credit and refundable child credit amount

Qualified business income passthrough information fields added

  • Qualified Business income - Override
  • Publicly Traded Partnerships for QBID?
  • Section 199 A PTP Income - Override
  • Rental Income or Loss
  • Royalty Income or Loss
  • Section 1231 Gain or Loss
  • Charitable Contributions
  • Other Income
  • Other Deductions
  • QBI Received from Cooperative
  • W-2 Wages Received from Cooperative

Net Operating adjustment field

  • Calculation modified to be before AGI, previously it was after AGI

Nonresident States Added

  • Idaho
  • Utah
  • All applicable nonresident states are available now

2020 Updates

State Tax Rate Schedule Update

  • Iowa 2020 tax rate schedule
  • Maine 2020 tax rate schedule
  • Massachusetts 2020 tax rate
  • Missouri 2020 tax rate schedule
  • North Dakota 2020 tax rate schedule
  • Utah 2020 tax rate schedule

State Standard Deduction and Exemption Updates

  • Iowa 2020 standard deduction amounts
  • Utah 2020 exemption

Additional Information

N/A

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