grady
Level 1
03-25-2021
11:07 AM
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Regarding the $10,200 unemployment tax exclusion under the American Rescue Plan....
Since Michigan works off the federal AGI, the tax benefit follows through to the MI1040 tax return.
My question is about the MI1040CR for property tax refunds....
Are we to record our full unemployment received or the amount after the $10,200 credit has been applied?
taxdude02
Level 2
03-27-2021
06:36 PM
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Household Resources includes the total amount of Unemployment (unreduced by the exclusion). The homestead property credit is based on the higher HR amount, which reduces the credit accordingly The software should do this automatically.
