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Release Notes for Version 8.04 Build 364, released
May 18, 2006
Release notes for Version 8.04
This version updates for the new tax act, introduces a new "Key Values
and Assumptions" report, and makes a number of other fixes and
enhancements.
1. Update for the Tax Relief Extension Reconciliation Act of 2005.
We updated the software for the 2006 tax act. The changes were:
- Extended the period during which dividends are given capital
gains treatment until 2010.
- Extended the 2007 capital gains tax rate structure through 2010.
- Entered new Alternative Minimum Tax baseline rates for 2006 only
to be $42,500 for filing statuses single or head of household and
$62,550 for married filing jointly.
2. New "Key Values and Assumptions" report, which
automatically generates a list of the program's key assumptions and
the case's key values.
3. Sale of Residence taxes. You may now allocate taxes on
sale of a residence 50/50, while the residence itself is given to
one party or the other.
4. Residence entries on Lawyer tab. The Residence entries for
the Lawyer tab now have the full set of capabilities that are
present on the Planner tab, including the ability to specify a sale
of the home and to view the mortgage amortizations.
5. Alimony Trade-off. You may now enter a total of combined
alimony and support, and the software will automatically create ten
scenarios, from all alimony to all support. You can easily see which
minimizes combined taxes and maximizes combined income.
6. Alimony Optimize. We have gathered several alimony-related
functions on the screen labeled "Alimony Optimize." This includes
"Alimony After-tax," "Alimony Breakeven," "Alimony Calculator," and
the new "Alimony Trade-off."
7. New line items. Now, whenever you create a new line item,
the software gives you a blinking cursor in the first field of the
item. This saves you from having to click your mouse in that field.
8. Pension audit trail. The pension audit trail now omits the
unisex calculation, unless the method selected is a unisex method.
9. "New In…" New button on the Files / Open & Save File
screen allows you to create a new file in a different folder than
the most recently used or system default folder.
10. Thick lines. For graphing using line graphs, there is now
a "thick line" option, to make the lines thicker on the charts. It
is on the Print Options dialog, which is accessible from the top of
the Reports screen on the Planner tab, and from the Case &
Assumptions screen on the Lawyer tab.
11. Auto-save. The software now auto-saves every time you
move to a different tab or chapter every 10 minutes.
12. Scrolling in Gray Menu List. If your screen is too small
to see the entire menu list, you may now scroll the list by clicking
"<<More>>" at the bottom and top of the screen.
13. Major expenses are now calculated weekly where required
for the state's financial affidavit.
14. IRA calculation. If you do not enter a birth date,
the IRA will now assume you are young enough to not trigger
distributions or stop contributions throughout all 30 years the
software calculates.
15. Line numbers. There is now an option to put line numbers
on the Marital Property Division worksheet line items.
16. Changes Specific to New York. The following changes are
specific to New York.
- The Guideline Summary worksheet now has two additional
lines: "Child support on first $80,000" and "Child support above
$80,000."
- The child care amount was not being properly accounted for
in the child support calculation. That has been fixed.
- The child support worksheets now allow overrides to
subtotals and totals.
- You may now enter footnotes directly on the Net Worth
Statement. Previously, you had to enter footnotes in the Client
Data section.
- You may now enter footnotes for the non-wage income lines.
17. Changes specific to Pennsylvania. The following
changes are specific to Pennsylvania:
- If no children are entered, we now display a banner at
the top of the Child Support Guidelines explaining that
since no children are entered, no support will be
calculated.
18. Changes specific to Connecticut. The following
changes are specific to Connecticut:
- We now allow the entry of major expenses such as
schools, camps, and colleges.
- We improved the layout of health insurance fields on
the Income and Expense screen.
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