BNA Income Tax Planner With 50 States Software Updates
Current CD Version
BNA Income Tax Planner with 50 States CD version 2011.2 was shipped to all current users on October 18, 2011. The most recent update is Version 2012.1 which was released on January 11, 2012. See details below.
Version 2012.1 Summary of Changes
Federal Changes
Calculation Options
Selections on this dialog have been updated to automatically install the year 2012 numbers for the Consumer Price Index Adjustment, the Maximum OASDI Contribution Base, the Retirement Plan Compensation Limit, the Retirement Plan Deduction Limit, and the 401(k) limits. The program uses these amounts to compute the year 2012 inflated amounts, including tax schedules, personal exemptions, standard deductions, and Keogh and SEP contribution limits, as well as the underpayment penalty computation for 2011. See the Calculation Options dialog.
Calculation Options
A new option has been added to allow you to assume that the 2% payroll tax holiday, in effect for 2011, will be extended for all of 2012. If this option is not selected, the program does NOT apply the 2% reduction for any part of 2012. The 2 month extension passed at the end of 2011 is not handled by the program, nor is the extra 2% tax on high wage earners. These measures appear to be temporary and will be unnecessary if the 2% reduction is extended for all of 2012.
Sales Tax Deduction Tables
The optional sales tax deduction tables have been updated for 2011, pursuant to the tables published by the IRS in the instructions to Form 1040, Schedule A.
State Changes (Optional Fifty State Planner)
Resident State Specifications:
Rate, personal exemption, and/or standard deduction changes:
Arkansas, District of Columbia, Iowa, Kentucky, Maine, Massachusetts, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Carolina, Vermont, Wisconsin
Nonresident State Specifications:
Rate, personal exemption, and/or standard deduction changes
Arkansas, Kentucky, Michigan, New York, North Dakota, Rhode Island, South Carolina, Vermont
Specific State Changes:
District of Columbia: Act 19-98, Laws 2011, for years after 2010, the program will compute the 5% DC phase-out of itemized deductions based on State AGI for high income taxpayers.
Michigan: The Michigan Supreme Court has held that the Michigan phaseout of its personal exemption is unconstitutional and the program will no longer apply it.
Download BNA Income Tax Planner With 50 States 2012.1 Update »
(file name ITWS0116.exe - 7.25 MB)
If you need any assistance, please contact BNA Software Technical Support at 1-800-424-2938.
2012 Calculation Option Dialog Amounts
While most of these amounts have been hard-coded into the program, some are new and may need to be entered manually. To update your BNA Income Tax Planner, simply click on "Calculations" in the Options Menu to enter any new rate(s) published after the release of the program.
|
2012 |
|
|
Consumer Price Index Adjustment |
2.4264004154 |
|
Maximum OASDI Contribution Base |
$110,100.00 |
|
Retirement Plan Compensation |
$250,000.00 |
|
Retirement Plan Deduction Limit |
$50,000.00 |
|
Underpayment Penalty Rates |
1st Qtr. - 3% |
