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Folks in my area received about 18K in unemployment benefits, which are again taxable in 2021. Income limits for EIC have increased in 2021, but $18K in unemployment benefits seems to undo that benefit for single folks. Right?
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Well, first...they need to have Earned income. UI is not Earned income.
Did you use this:
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc
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Just-Lisa-Now-
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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I made the mistake this year of not believing Congress would enact retroactive exclusion. Now, I'm telling clients with UC not to make any plans until April. There will be huge changes in tax legislation before the end of this year, and the same people who sponsored the exclusion for 2020 are still in charge.
Grant me the serenity to accept the things I cannot change, courage to change the things I can, and the wisdom to know nothing is certain about taxes while Congress is in session.
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If you’re sitting down, take a look at the draft Schedule 1 for 2021. It is now two full pages, and has grown from 22 to 26 lines. Line 22 is now “Reserved for Future Use,” which in IRS-Speak means “we can plug in UC here.” Line 24 is really 12 lines, lettered a through k and then z (as in zoo) for “other adjustments.”
Remember when the 1040 was going to be condensed to a postcard? They didn’t tell you that the attachments would have to be sent Parcel Post.
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@BobKamman @You hit the nail on the head about the postcard crap.. I knew it was a joke from the beginning....
