TurboTax 2009 Update Notes (Business)
What are TurboTax updates?
The tax filing season is a busy time. Frequently, Congress, state legislatures, the IRS and state departments of revenue issue new or updated regulations, guidance, instructions and forms that may affect your taxes. The TurboTax team is constantly monitoring these changes to make sure we implement any changes necessary to meet any new tax requirements.
We also monitor customer feedback on a continuous basis to identify areas where we can improve the product to make it easier to use. Finally, we may introduce product enhancements that we couldn’t get done before the product launched and, when applicable, update TurboTax to correct an error that is causing a problem for customers. Based on past experience, we may need to update TurboTax several times during the filing season.
Is it important to update TurboTax?
Absolutely, it’s essential for you update TurboTax to ensure the product is as up-to-date as possible. You should complete updates when you install the product, every time you use it, and before you print or electronically file your return. That’s why we automatically check your version of TurboTax when you install the product and every time you launch it to advise you whether any updates are available.
Do I need to do anything special besides just updating TurboTax?
In almost all cases, the only thing you need to do is install the update and TurboTax will take care of the rest to ensure your return is accurate. Each new update release includes all prior updates, so you’re getting everything you need. In those few cases where you need to take some other action (such as reviewing a particular section of your return that may be impacted), we’ll tell you what to do in these Update Notes.
Do I need to do anything to update TurboTax Online?
No. Because TurboTax Online is hosted on our computers, we update it. You don’t need to do a thing – it always has the most recent updates.
What about state updates?
Each release includes any relevant updates to both federal and state products.
What are the most recent changes in the current update release for TurboTax?
The most recent changes in the current update release for TurboTax 2009 Business versions (federal and state) generally cover the following areas:
Federal:
- Fixed incorrect dates on Profit & Loss statements on Partnership returns.
- Fixed nonfunctioning Continue button on Dividend and Interest Income screens on Fiduciary returns.
- If you believe you were affected by this issue, we recommend re-opening your Fiduciary return and revisiting this section in the interview.
- Fixed missing Capital Loss Carryover screen in certain situations on Fiduciary returns.
- If you believe you were affected by this issue, we recommend re-opening your Fiduciary return and revisiting this section in the interview.
- Interview now asks if recurring K-1 is final.
- If you believe you were affected by this issue, we recommend re-opening your Business return and revisiting this section in the interview.
- “Retained earnings” now populate when preparing balance sheet on S corporation returns.
- If you believe you were affected by this issue, we recommend re-opening your S corporation return and revisiting this section in the interview.
What if I have questions about any updates to TurboTax?
No problem…just go to the TurboTax Support web site http://turbotax.intuit.com/support/index.jsp, or contact our customer service team.
