recent update and exempt unemployment

Forum|Forum|5 years ago
May 6, 2021
1 reply
13 views

The PTC error was fixed in an update last night 05-05-21. now when I enter unemployment, they no longer show up as a reduction on schedule 1. Is this an error caused by the update? Very frustrated.

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Best answer by TaxGuyBill

@vscpanm wrote:

The PTC error was fixed in an update last night 05-05-21.

now when I enter unemployment, they no longer show up as a reduction on schedule 1. Is this an error caused by the update? Very frustrated.

Actually, they "fixed" the easy thing and completely screwed up another. If a person is self employed and gets a PTC, the program no longer does the Iterative calculation. It is much worse than before.

As for the unemployment exclusion, it is working fine on the tax return I am doing right now. Is your client's income over the $150,000 threshold?

T

TaxGuyBillAnswer

Level 15

@vscpanm wrote:

The PTC error was fixed in an update last night 05-05-21.

now when I enter unemployment, they no longer show up as a reduction on schedule 1. Is this an error caused by the update? Very frustrated.

Actually, they "fixed" the easy thing and completely screwed up another. If a person is self employed and gets a PTC, the program no longer does the Iterative calculation. It is much worse than before.

As for the unemployment exclusion, it is working fine on the tax return I am doing right now. Is your client's income over the $150,000 threshold?

vscpanmAuthor

Level 6

Hah, I hadn't thought of the income limitation. I'll have to check. I actually was manually calculating the PTC SE issue anyway because I got tired of waiting for a fix.

Thanks for that taxguyBill.

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