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jrdulzo376
Level 2
Mar 25, 2021 12:33 PM UTC
Solved

Taxable Social Security

Has anyone else noticed the calculation for Taxable Social Security isn't deducting the Excluded Unemployment of $10,200?  Do we know when this will be updated in Lacerte?  I have a couple clients who I just need this corrected to complete their return. 

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PamCAnswer
Level 7
Mar 25, 2021 1:13 PM UTC

Lacerte's calculation is correct.  The IRS guidance, as updated 03/23/2021, states that taxable Social Security should be calculated using Unemployment income without the $10,200 reduction.

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

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5 replies

PamCAnswer
Level 7
Mar 25, 2021 1:13 PM UTC

Lacerte's calculation is correct.  The IRS guidance, as updated 03/23/2021, states that taxable Social Security should be calculated using Unemployment income without the $10,200 reduction.

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

    jrdulzo376Author
    Level 2
    Mar 25, 2021 1:43 PM UTC

    Thank you for the Update.  I didn't catch that update yesterday....That explains why. 

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