1. TaxWise®
Tax Year 2015 Changes

2. No Official List of Changes
CCH has not provided an official list of differences between 2014 and TaxWise
These are the changes that the NTTC has found
There may be others
NTTC Training – TY2015

3. Technology
Must use Tab button in Google Chrome to move from field to field within return
Run IE 11 in Compatibility View for Enter key, calculator, buttons on W-2, etc. to work – but first screen when opening TaxWise is then:
Click continue to continue to login page
NTTC Training – TY2015

4. Technology Ctrl + C now performs as Copy Ctrl + V performs as Paste
TaxWise Online 2013, 2014 and work with Windows 10 but still needs Internet Explorer for browser
Chrome works for creating or editing templates
NTTC Training – TY2015

5. Activate Users
All users can be activated or unactivated with a single operation
NTTC Training – TY2015

6. New User Role
Role of ReturnPrinter must be added for any user who will be printing returns (required to create the pdf)
Everyone who accesses TWO must be assigned the role of licensed user in addition to any other roles.
NTTC Training – TY2015

7. Identity Theft Protection
Identity theft PIN for dependents
Driver’s license verification
W-2 verification codes
NTTC Training – TY2015

8. Identity Theft PIN for Dependents
Main Information Sheet
Data carries over to Form 2441 for dependent care credit
NTTC Training – TY2015

9. Driver’s License Verification
Main Information Sheet
Optional this year unless required by your state
NTTC Training – TY2015

10. W-2 Verification Code W-2 Enter – but not included on all W-2s
NTTC Training – TY2015

11. Difficulty of Care Payments
Worksheet 7
TaxWise will adjust earned income for EIC and Additional Child Tax Credit – and Child and Dependent Care Credit when TW2015 is fixed
If reported on Form 1099-Misc, enter on Line 2 and remove on Line 17 with description of “Notice ”
Optional this year and not included on all W-2s
NTTC Training – TY2015

12. Capital Gain Worksheet– Holding Period for “Various”
Short or Long Term determination now based on 1099 Column, so “Various” can be used with short term transactions.
No over-ride needed
NTTC Training – TY2015

13. ACA Worksheets ACA Worksheet has two pages and new questions
Affordability Worksheet added
Marketplace Affordability Worksheet added
NTTC Training – TY2015

14. ACA Worksheet Page 1 “Yes” adds Form 8962 to the forms tree
NTTC Training – TY2015

15. ACA Worksheet Page 1 First button: No SRP
Second button: SRP part of the year (must also mark which months)
Third button: SRP for entire year
For each person whose exemption is claimed on this return
TaxWise should put checkmark on Form 1040 Lines 61 if everyone has coverage and no exemption form 8965 is in the return, but it’s not working at this time.
NTTC Training – TY2015

16. ACA Worksheet Page 2
Bottom of 2014 ACA Worksheet is on the bottom of Page 2 of 2015 ACA Worksheet.
NTTC Training – TY2015

17. Affordability Worksheet
To bring up the new Affordability Worksheet, add Aff Wkt
NTTC Training – TY2015

18. Marketplace Affordability Worksheet
To bring up the new Marketplace Affordability Worksheet, add MCA Wkt
NTTC Training – TY2015

19. Form 8965 Exemption 7a TaxWise auto checks 7a based on MAGI on return
Includes dependents’ income entered on ACA Wkt
Does not auto-check 7b exemption!
NTTC Training – TY2015

20. Form 8965 Continuation Sheet
If need more lines for exemptions:
NTTC Training – TY2015

21. New Prep Use Field
Are you or your spouse a Veteran from the US Armed Forces?
Answer YES or NO
NTTC Training – TY2015

22. ABLE Distributions
New input field on Wkt2 (should not be needed – if taxable, return is OOS)
NTTC Training – TY2015

23. More to Come? MyRA contribution
From all or part of tax refund
More diagnostics for ACA and other areas in January
NTTC Training – TY2015

24. Identified Issues
Foreign tax credit simplified limitation election only applies when creditable foreign taxes are not more than $300 or $600 if MFJ
TaxWise allows larger amount in top section of Form 1116
TWO instructions incorrectly state that only dividend or interest foreign income is permitted for simplified limitation election
TWO instructions incorrectly state that only foreign taxes reported on Forms 1099-DIV or 1099-INT are eligible for simplified limitation election
The IRS instructions to the form limit use of the simplified limitation election to passive income, which includes, among other things, annuities and royalties.
In addition to foreign taxes reported on forms 1099-DIV or 1099-INT, the IRS instructions to 1116 permit taxes reported on Schedule K-1 (1041, 1065, 1065-B or 1120S) for the simplified limitation election.
NTTC Training – TY2015

25. Identified Issues
SRP table error for March
NTTC Training – TY2015

26. Identified Issues
1040 Wkt 7 Line 16 Medicaid Waiver income offset correctly adjusts for EIC and ACTC but doesn’t change earned income on Form 2441 for CDC
Form 8615 (kiddie tax) not activated when there is filing requirement and has incorrect value on Line 9
NTTC Training – TY2015

27. Identified Issues Form 8962 Lines 5 and 7:
TaxWise is using 2014 instructions and rounding percentage on line 5
Should not be rounded for TY 2015
TaxWise is using 2014 table of applicable figures on line 7
Will be fixed before production starts
Have requested earlier rectification
F 8962 uses instead of for income at 187% of Federal poverty line for example
NTTC Training – TY2015

28. Identified Issues
1040 Line 61 Full-year coverage box incorrectly checked when exemption form (8965) is used in return
Only one Marketplace Affordability Worksheet – may need more than one
CCH training video on ACA MCA Wkt is seriously flawed
F 8962 uses instead of for income at 187% of Federal poverty line for example
NTTC Training – TY2015

29. TaxWise Changes
Questions?
Comments…
NTTC Training – TY2015