Is there a way to find returns with unemployment income?

Forum|Forum|5 years ago
March 5, 2021
29 replies
75 views

Is there an easy way to identify returns that have been prepared that reported unemployment benefits? I understand the Senate is close to passing a bill that will exempt the first $10,200 of unemployment benefits. If it passes, I will want to identify those returns and do some amending. Thanks

ProSeries Professional

This topic has been closed for replies.

BobKamman

Level 15

They're not as close now as they thought they were a few hours ago. Still, it's a good to be a Boy Scout Preparer, and Be Prepared.

Just-Lisa-Now-

Intuit Community Champion

Are you keeping watch on this one? You'll let us know if it passes?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

Passes where? Senate? House? White House?

Just-Lisa-Now-

Intuit Community Champion

I havent dug through the Client Query choices...have you looked?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

A

Abacus44

Level 2

It does not yet appear as a query choice. Hopefully Intuit will be on top of this and add query.

Will also need to know best way to handle these cases:

For returns already filed, will IRS automatically adjust or will 1040-X be necessary.

For returns in process, will a worksheet be added or do we adjust on the fly.

Just-Lisa-Now-

Intuit Community Champion

1040x will be needed, IRS wont do it automatically.

Hopefully we wont have to wait for a program change, we can just use a negative on the Other Income line.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Just-Lisa-Now-

Intuit Community Champion

Good lord, I dont understand how this new Query function works

@Orlando11 is there a way to search for all returns that included unemployment or is that too specific since the 1099g is used for several different things?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

G

Greg Stewart-LonghurstAuthor

Level 2

From CNBC regarding the excluding of $10,200 of unemployment compensation from 2020 taxable income:
"Senate Democrats reached a compromise on Friday to narrow the scope of the enhanced unemployment benefits in the $1.9 trillion Covid-19 relief package, cutting the benefit from $400 to $300 a week but allowing the enhanced benefits to run through early October.

As part of that compromise, Democrats added language to the bill that would provide a tax waiver on up to $10,200 of unemployment insurance benefits for 2020, staff for Sen. Ron Wyden, D-Ore., confirmed Friday to CNBC Make It.
The amendment which is expected to hit the Senate floor Friday afternoon, ensures that unemployed workers will not face a surprise bill on their 2020 taxes, according to a spokeswoman for Sen. Carper."

This was reported today in The Hill as well. I guess that means we may know something soon regarding the taxability of those benefits. Then we'll just need the tax software companies to be able to update their programs.