Level 11

Question

I've Counted - 74,216 Posts About Unemployment

Forum|Forum|5 years ago
March 17, 2021
12 replies
35 views

Just like repetitive prescription ads on tv and repeat commercials on Spotify, you would think this unemployment was the biggest tax law change in history. And no one reads or searches prior posts. Wait for the software change. Wait for the states to tell you what they're doing. Move on to the next zillion returns that need to be started.

Can you imagine the old days when we sent our tax input sheets out to Dallas for Computax or whomever to prepare the return and then send again when we wanted to change something? Remember when ADP picked up check stubs daily to enter into their general ledger system and returned them the next day?

ProSeries Professional

This topic has been closed for replies.

T

TaxGuyBill

Does this post make the it 74,217 posts about unemployment? 😂

sjrcpa

Level 15

@dascpa You must be at least as old as me.😄 I remember Dynatax and Computax.

I don't remember ADP and check stubs. But maybe I just have bad memory.

The more I know the more I don’t know.

dkh

Level 15

@dascpa wrote:
Wait for the software change. Wait for the states to tell you what they're doing. Move on to the next zillion returns that need to be started.

But is this really what we need to do? Why do we need a software change? @Just-Lisa-Now- has said in several post she's going forward now with putting the adjustment on Schedule 1 line 8. - no need for the software update. We all can do math (or at least our calculators can). Will not waiting cause the returns to not be processed properly with IRS ?

Just-Lisa-Now-

Intuit Community Champion

Simple straight forward returns Im adjusting manually, IRS gave us instructions, why not use them? The software is just a tool.

The ones with PTC, Im waiting on, not sure Im comfortable with how the it effects the PTC....some people lose the net premium tax credit if their income is too low, do we HAVE to take the exclusion?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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TaxGuyBill

@Just-Lisa-Now- wrote:
The ones with PTC, Im waiting on, not sure Im comfortable with how the it effects the PTC....some people lose the net premium tax credit if their income is too low, do we HAVE to take the exclusion?

There isn't any repayment of the Advance credit, so the excluded unemployment won't result in a repayment if the taxpayer's income falls too low.

If the taxpayer did not receive any Advance credit, you are right, making the unemployment non-taxable could disallow the PTC for 2020. Offhand, I don't see any way to avoid that.

dkh

Level 15

https://proconnect.intuit.com/community/form-1099-g/help/generating-the-unemployment-compensation-exclusion-in-proseries/00/143038 SOFTWARE UPDATE EXPECTED THURSDAY, MARCH 18TH !!!!

IRonMaN

Level 15

I’ve also gone the same route as Lisa on a few returns. It’s unbelievable how many people milked the system, um, I mean collected unemployment this past year. Some of my clients really did need the unemployment but others just gamed the system. For those returns that I have prepared in the last few days that didn’t have any potential complications I went ahead and got them done. Minnesota is still in limbo but they could still be in limbo a year from now so I’m just plugging onward with an add back on Minnesota.

Slava Ukraini!

BobKamman

Level 15

Don't complain. It took everyone away from "how do I spread IRA distributions over three years and avoid the 10% penalty" questions. Not to mention, "The software is wrong, it's giving RRC to someone who died last year."

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