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Release Notes for Version 9.07, released Sept 7,
2007
There were many enhancements to calculations in this release, including
splitting mortgage payments, all separate property, and nonresident
taxes for Connecticut, New York, and New Jersey.
In general.
Splitting Mortgage Payments. You may now specify that the
mortgage(s) will be paid in part by each of the two parties. You may
specify that the mortgage will be paid 50/50 or in any other percentage.
All Separate Property. You may now click a check box to specify
that a property is all separate property. Previously, you had to specify
a separate equity amount. For real estate, checking this box also
automatically makes the mortgage effectively separate debt.
Nonresident Taxes. The software now handles nonresident taxes
between New York, New Jersey, and Connecticut. If the party lives in any
of these states and works in another, click more info on the Background
Info screen, and click the box to indicate that. The software will
automatically estimate the nonresident tax imposed by the state where
the party works and the credit given to the party by his or her home
state. To see these calculations, click the State Tax Report on the
reports screen.
Alternative Minimum Tax Audit Trail. We now have an audit trail for
the Alternative Minimum Tax. This is in a new report on the Planner >
Reports screen.
Head of Household to Single. We now have an option to have the
filing status change from Head of Household to Single automatically when
the youngest child turns 18. Select that option on the Planner > Tax
Filing Status screen. For new files, that is the default option.
Liquidating IRAs for Down payments. You may now specify that IRAs
will be liquidated to pay for down payments. Previously, down payments
were covered only from previous accumulated savings, investments, and
borrowing. You set this option on Planner tab > Assumptions >
Alternatives Relating to Down payments and Liquidations.
Financial Affidavit. There is now an option to display more detail
with each asset on the Planner Financial Affidavit. The details include
"title/owner, Valuation Date, and Loan against asset.
Blank File on Startup. There is now an option to turn off the
automatic loading of the most recent file on startup. Set this as an
option on Home tab > System Info > System Options.
Lawyer Tab Reports. We changed the reports that show up at the
bottom, in the left margin of the Lawyer tab. The new list should be
more in synch with the most-used reports and include One-Page Summary,
Marital Property Division, Budget Report, and Alimony Present Value.
Second Mortgage on Rental Real Estate. You may now allocate a
second mortgage to rental real estate. Previously, only the first
mortgage could be designated as allocable to rental real estate.
Printing Blank Pages. We should no longer print any blank pages
in long reports (such as the New York Net Worth Statement).
Pension Improvements and Fixes. We improved the handling of pension
payouts taken on a lump sum basis. The inclusion in income and taxation
was not always correct. A pension in pay status was calculating COLA
from start date, not from the current date. That has been fixed.
Enhancements for Connecticut.
Financial Affidavit Splitting Assets. It is now possible to
specify that the Financial Affidavit will show half of each asset. On
the Assets & Liabilities screen, click the link at the top to set
options. Then click the link to show half of each asset.
Label for Vehicles. On the financial affidavit, we are
automatically building a label now for vehicles. Enter the vehicle
information on the more info screen, and we will automatically create a
label for the Affidavit.
Asset Type Entry. The Lawyer tab now displays the asset type
field for Cash & Investments and Personal Items at the top level by
default. This makes it easier to select the types for the Affidavit.
Enhancements for Florida
Footnotes. We added support for footnotes on the Affidavit. Now
your footnotes will print at the end of the Affidavit (long form).
Enhancements for Maryland
Child Support. We have implemented the changes from Maryland
House Bill 265, which essentially switches treatment of health insurance
expenses to be like the treatment of child care and extraordinary
medical expenses. The effect will be to decrease child support payments
if the child support payer is also paying for health insurance. We also,
for sole custody situations, have subtracted child care, health
insurance, extraordinary medical, and additional expenses from the
guideline payment for purposes of the actual child support as shown on
the Planner or Lawyer tabs. (For shared custody situations, this was
already being done.)
Enhancements for New Jersey
Child Support Guidelines. We updated the child support guidelines
for new 2007 changes. The main change was that the maximum income was
raised to $229,840, and the last line in child support table is at
income of $3,600 rather than $4,420.
Enhancements for New York
Rental Expenses. It is now possible to specify a rental expense
without having a residence listed on the Assets page of the New York Net
Worth Statement. Create the Rental Property asset, but at the bottom of
the screen, X the box that says, X here if this is a rental expense (we
will not include the item with the list of assets).
Enhancements for Pennsylvania
Labels for Valuation Entries. On the Inventory & Appraisement, we
have added labels separation valuation and current valuation to the
header, to clarify what those fields are on the form.
Totals. On Inventory & Appraisement, totals were not working
properly. That has been fixed.
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