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Budmeister
Level 3
March 14, 2021
Question

new unemployment law

  • March 14, 2021
  • 2 replies
  • 0 views

Asking how others are handling on the tax input the new $10,200 credit for unemployment forgiveness?  Just subtracting from total received?  or is proseries or IRS having an up date with a new schedule?

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2 replies

dascpa
dascpa
Level 11
March 14, 2021

How about waiting for IRS to finalize it, and then all the software companies to update their software.  Days to weeks to months. Do it your own method and risk future problems.

    W
    wallacedk
    Level 3
    March 14, 2021

    New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service (irs.gov)

    dascpa
    dascpa
    Level 11
    March 14, 2021

    We are all aware of this as it's been posted on this board many times. Does not change my last post. Wait until ProSeries and the 43 states figure out how it's being handled.

      W
      wallacedk
      Level 3
      March 14, 2021

      I hear you.  However, if the return is calculated and documented correctly per the IRS guidance for paper filers, and the are no state tax implications for the client, then you should be safe filing the return.  

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