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Should we simply reduce unemployment compensation by up to $10,200 based on the new stimulus law or will the software be updated?

Rivergates
Level 1
 
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3 Comments 3
IRonMaN
Level 15

Patience ---------------- good things come to those that wait.


Slava Ukraini!
abctax55
Level 15

No

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
BobKamman
Level 15

I am doing that in some cases.

But I know what I'm doing.  If there is a question about whether the taxpayer is over the $150K limit, or has other items on the return that depend on the Section 85 specific definition of "adjusted gross income," I will wait for IRS to share its opinion.  

And I am adjusting the state return with an addition to income that assumes we won't have conformity.  Otherwise, the tail will wag the dog.  

https://proconnect.intuit.com/community/tax-talk/discussion/unemployment-been-there-done-that/00/139...