|
Release Notes for Version 7.03, released
3/14/2005
This release features the introduction of a new capability to show marital assets on a tax-effected basis, as well as a number of improvements to Residences.
1. Tax-Effected Marital Property. Sometimes the parties, or the judge, may want to see the asset division on an after-tax basis. This is based on an understanding that some assets have untaxed gains associated with them.
When pensions are distributed, ordinary income tax will apply. Securities may have untaxed tax gains or losses associated with them. So they want to see what the property division would be after all these taxes are paid. This is called a "tax-effected" view of the assets.
We have taken a detailed asset by asset approach to calculating our projection of this amount. Of course, much is uncertain, including the prevailing tax rates when the assets are eventually taxed, and so our projection is only an estimate, and all parties should understand that.
You can see the results in the new "Marital Property - After Tax Effects" report. Our report also includes a link to a detailed audit trail, explaining how we calculated the tax-effected value for each asset class for each party.
If you wish, you may override the tax discount factor we calculate for any asset group for any party. This gives you the flexibility to accept some (or most) of our calculation and just tweak the parts of it you want.
2. Mortgage Payments in Year Home Sold. Starting in this release, we let you enter the exact date of sale of a residence. As a result we now can, and do, pro-rate the mortgage payments in the year of sale up to the date of sale.
3. Refinancing Proceeds in Property Division. Now, if you wish, proceeds from anticipated future mortgage refinancing can be reflected in the Property Division Reports. The equity on the home will be decreased by the new mortgage amount. The equity of the party who takes cash out will appear as an asset "Mortgage Refinance" in that party's property division reports.
4. Residence Data Entry. We have slightly reorganized the data entry for Residences to clarify what to enter and where. In particular, we have clarified the various alternative ways you may enter data for mortgages.
5. NJ Tax Tables. We updated the New Jersey child support with the latest tax tables.
6. RI Support Tables. We updated the Rhode Island child support tables with the guidelines.
7. Printing. We improved the printing of our spreadsheet-style reports in landscape mode.
8. MN Child Support. We revised our interpretation of the Minnesota Child Care credit. Now, it depends solely on the expenses and the parties' incomes. The custody percents do not enter into this calculation.
9. No-Value IRAs. It is now the case that if you enter an IRA with no present value, but contributions in the future, that IRA will be counted for income and asset purposes.
10. Federal Poverty Guidelines. We updated the Federal Poverty Guidelines that are used in several states' Child Support Guideline calculations, mostly in low-income situations.
Back to
"About This Release" Page
| 
