LoanBeam will accept 2024 tax documents beginning Monday, January 20th, 2025.

Once LoanBeam starts supporting 2024 tax returns, we will stop supporting all calculations related to 2021 tax documents.

LoanBeam Tax Updates

• 2024-2023 versions of all templates have been added to all accounts.
• 2022-2021 versions of all templates have been removed from all accounts.
• The Depreciation rate for 2023 is set at 30 cents per the IRS. 
  • Both Form 2106 and Schedule C use the depreciation rate if Business Miles are used. All templates are affected by this change. 
  • Internal Revenue Bulletin: https://www.irs.gov/pub/irs-drop/n-24-08.pdf will explain why we use the business standard mileage of 30 cents and not the standard mileage of 67 cents. 

Adding 2024 Documents to Existing Applications

• As of 01/20/25, clients can add 2024 documents to an existing 2022/2023 application to have the app reprocessed with 2024 information
• If the client already tried to upload 2024 documents before roll forward on 2/03/2025, they can either:
  • Upload the 2024 docs a 2nd time, Answering YES to the prompt that asks the client if they want to re-upload the same file name  OR
  • The client can create a new application on the dashboard with the appropriate documents

Note: A detailed summary of Excel template changes is attached.