Amended Returns- $10,200 unemployment exemption from income.

Forum|Forum|5 years ago
March 11, 2021
11 replies
22 views

If we filed 2020 return for clients with unemployment, do we have to amend the return to exempt $10,200 in unemployment income? I hope the IRS can make refunds instead of doing amended returns.

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B

billwtb

Level 2

any word on if we are doing a client now how do we adjust their unempliyment for the $10,200 that is not taxable now?

Just-Lisa-Now-

Intuit Community Champion

This has been discussed in at least a dozen other posts in the last week,

The 1040X wont be ready until March 18th. We cant amend anything until IRS issues some guidance on HOW its to be listed on the tax return. Its going to change AGI (and MAGI) and can affect multiple other items on the return, so we need some guidance before proceeding.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

C

coopster1967

Level 2

Just be patient. We're going to have to Amend the returns and wait for the IRS' guidance. Furthermore, they are not going to fix it themselves and make it nontaxable. It will be up to us. Also, you will have State returns to fix also. I already have my list printout with those who had unemployment and have already filed their returns. I'm not taking the time to Amend these until May/June. Will be good summer work and cash.

Just-Lisa-Now-

Intuit Community Champion

Id be willing to bet they extend the individual filing season until June15th, theyre just not going to announce it until after the Partnership/SCorp due date passes...so we'll have plenty of time to get everyone fixed up!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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