1099-R Worksheet with Distribution code "P" or
Note: Code P covers certain distributions that are taxable in 2000 and code D covers certain distributions that are taxable in 1999.
Problem: The taxable amount from Form 1099-R, box 2a may be included
incorrectly on the wages line of your return (Form 1040, line 7; Form 1040A, line
7; or Form 1040EZ, line 1).
Problem: Some users running TaxCut federal version 5607 may incorrectly
receive a message indicating that they are running the most current version of TaxCut
federal edition. However, a program update is available that updates TaxCut federal
version 5607 to version 6001.
Problem: For purposes of calculating the penalty in Section B of
Part IV of Form 2210, TaxCut treats your withheld tax as being paid 25% on April
15, 2001, 25% on June 15, 2001, and 50% on January 15, 2002. TaxCut should treat
your withheld tax as being paid 25% on April 15, 2001, 25% on June 15, 2001, 25%
on September 24, 2001, and 25% on January 15, 2002. TaxCut's approach can result
in an underpayment penalty that is too high.
If you need to file Form 2210, follow these steps:
Note: To determine the TaxCut version number, select Help from the main menu, and then select About TaxCut.
Problem: The information entered for the Keogh/SEP/SIMPLE plans
using TaxCut version 4301 may not appear after updating TaxCut.
Problem: The text of line 6 does not explicitly state that the
amount, if any, to be entered is the amount of the advance payment before
it was used by the IRS to pay the back taxes, student loans, child support, etc.
Problem: Updating TaxCut version 4301 does not also update IRS
Publications. When IRS Publications are updated separately, you may not be prompted
to restart your system to view updated IRS Publications.
Problem: Not all IRS publications were finalized at the time we
released this update.
Problem: If you are importing information from more than six accounts,
the scroll bar in the Select Your Accounts window, which lists all the accounts,
will not allow you to scroll through the entire list. Because of this, you may not
be able to see or access accounts at the bottom of the list.
Problem: The Review Import Report does not correctly display the
imported information; however, all the information is carried over successfully
and the report prints accurately.
Problem: The Review Your Entries Report will display and print
Problem: TaxCut stops you from filing electronically and asks you
to enter information about your bank account which is not needed to process your
Problem: If you start TaxCut without first opening Money, and then
import your 2001 tax information, your tax information from 2002 may be imported
instead of information from 2001.