CCH® ProSystem fx® Planning: v2021.01000 Release Notes

  • Article Type:
  • Documentation
  • Last Modified:
  • 01/04/2021

Objectives

CCH ProSystem fx Planning: v2021.01000 Release Notes 

Environment

  • CCH ProSystem fx Planning
  • v2021.01000

Details

Click the attached PDF to view the complete CCH ProSystem fx Planning Release Notes v2021.01000.
 

New in this Release

Enhancements

  • Multiple qualified business income entries can be associated to one passthrough entity.
  • State Net operating loss entries. For applicable states these entries are used to determine state specific NOL deduction allowed.
  • State setup option to not conform with Federal NOL CARES Act provisions.
  • Option to report one third of taxable retirement distribution in accordance with the CARES Act.

2021 Updates                                     

  • Federal inflation adjustments
    • Tax rate schedule
    • Standard deduction
    • Exemption amounts
    • Capital gain zero and 15 percent endpoints
    • Earned income credit amounts
    • AMT exemption amounts
    • Adoption credit limits
    • AGI limits for IRA contributions
    • AGI limits for retirement contributions credit
  • Excess loss limitation thresholds
  • Qualified business income thresholds
  • Pension plan limits

State Tax Rate Schedule Update

  • Iowa 2021 tax rate schedule
  • Maine 2021 tax rate schedule
  • Oregon 2021 tax rate schedule

State Standard Deduction and Exemption Updates

  • Iowa 2021 standard deduction amounts
  • Kentucky 2021 standard deduction
  • Oregon 2021 standard deduction and exemption amounts

Additional Information

N/A

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