IRS changes guidance on $10,200 Unemployment Exclusion TODAY 3/23/2021

[pamdory]

The instructions for the AGI worksheet now excludes unemployment from AGI in determining the $150,000 limitation.

https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

Note under Unemployment Compensation Exclusion Worksheet – Schedule 1, Line 8 that the instructions differ from the worksheet in Lacerte.

Back on hold...

UPDATE - IT LOOKS LIKE THE 03/24  UPDATE IS USING THE NEW WORKSHEET IRS MODIFIED ON 03/23.

Back to work!

[IRonMaN]

Yesterday's rumor is now confirmed.

[pamdory]

This is one of those times when it would be nice for Intuit to pop a pink or blue banner at the top of the client list to alert people to an upcoming change...

[IRonMaN]

Yeah, but there are only about a couple dozen of us that actually pay any attention to the alerts.

As a side note, when is Intuit going to have the software updated for the revision? 

[pamdory]

🤣

And when will our colleagues running Drake start telling us they just got an email about it?

[qbteachmt]

When will TaxGuyBill be able to provide a new quote from Judy? That's the clock I've got ticking.

@TaxGuyBill Make sure to thank Judy, next time you "see" her.

[rbynaker]

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@pamdory wrote:

🤣

And when will our colleagues running Drake start telling us they just got an email about it?

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It won't be right away.  It takes Drake hours to release this information.  Sometimes it's not even until the next day. 😛