Unemployment received in 2020

[Nancy Arredondo]

Hello, 

With the recent bill passed, up to $10,200 in 2020 unemployment payments will be exempt from taxes.  How are you handling this in the tax return?

Thank you!

[IRonMaN]

One leg of a three legged monster passed it.  The other two legs need to catch up with the other leg and then the IRS needs to make changes to its software and then the software companies need to make changes to their software and have the IRS approve the changes.  Best thing you can do is hold tight for a bit.

[IRonMaN]

300,001

[BobKamman]

Let me guess.  You make it a practice never to spend five minutes reading recent comments here, to find out if another 25 people are discussing the issue.  

(Ironman is counting.  300.001 is an exaggeration.)

[abctax55]

How am I handling it?

Well, let's see:

1) WAIT until something actually is passed AND signed into law.

2) WAIT until the IRS has time to reset it's software.

3) WAIT until Intuit and all the other software providers have time to update their programing, get those updates approved by the IRS, then provide the new & improved software to us.

[qbteachmt · Accepted solution]

"House Majority Leader Steny Hoyer said the House will vote Monday night on the rule laying out terms for the bill’s consideration, and the House will vote on Tuesday on the Senate-passed version of the bill."

[qbteachmt · Accepted solution]

"House Majority Leader Steny Hoyer said the House will vote Monday night on the rule laying out terms for the bill’s consideration, and the House will vote on Tuesday on the Senate-passed version of the bill."

[PATAX]

👍🐕