Has lacerte updated the new unemployment taxable wages?

[TOperspective]

New Care act passed yesterday claims that $10k of unemployment will not be taxable

[IRonMaN]

Passed yesterday but not signed.  It's kinda tough to update software for laws that aren't laws yet.

These questions are now starting to relax me.  They just keep rolling in and rolling in, like the waves of Lake Superior ---------------- they never seem to end.

[rbynaker]

We did have a nice peaceful drive down Rt. 61 from Thunder Bay a few years ago.  I must say, of all the Great Lakes, I do think that Superior is . . . better . . . than the other four.

Intuit has a long history of programming their software based on the form instructions rather than actual tax laws.  So until the IRS comes up with some forms and instructions I wouldn't just sit around checking for updates all day.  Put all affected returns on a shelf and come back in April (or perhaps June).

"We're gonna need a bigger shelf."

[BobKamman]

Lake Superior?  Does the name "Edmund Fitzgerald" ring a bell?

Meanwhile, @rbynaker would rather leave "unemployment wages" questions in favor of Highway 61 revisited.  Been there, done that too.  Took my father back once to his boyhood home near Hibbing, famous for two great Americans.  

[IRonMaN]

Bob - what town near Hibbing?

[BobKamman]

Not as close to Hibbing as I remember. My grandfather was elected Treasurer of Birch on this very date in 1913. That’s the Birch Township about 100 miles west of Hibbing. They lived in Blackduck, later moved to the aromatic International Falls. There’s a Kamman Lake around there somewhere, but then you can find a lake named almost anything in the Northwoods.

[IRonMaN]

You are talking more the metropolitan Bemidji area there than metropolitan Hibbing.  Bemidji’s most famous person is Paul Bunyan.  As a kid we used to drive past the huge Paul Bunyan and Babe statues on our trips to visit my grand parents on the farm in Thief River Falls.  The statues have either shrunk or they looked a little bigger to a 6 year old than a 60 year old.  Good memories😊

[Gina2006]

Once this new law has passed for the unemployment of 10,200 not taxable, how long will it take for Lacerte to update the software?? 

[IRonMaN]

A general guess would be somewhere between 20,160 to 44,640 minutes.

[Orly]

Can we just press <Ctrl> E at the Unemployment Input amount and subtract $10,200 or up to that amount ourselves?

instead of waiting for the update?

[randyrcpa]

The Unemployment debacle for the 2021 filing season. The IRS has stated how they want you to do it but it will create numerous extra steps under the current software regime. For now the easiest work-around is: A- is the taxpayers AGI less than $150K proceed to step B- enter the reduction to unemployment as benefits repaid.. Await your CP2000 notice and respond with fine IRS you change it but oh wait still no tax.