Unemployment Exclusion - Will there be a Software Update?

Forum|Forum|5 years ago
March 16, 2021
13 replies
23 views

Just wanted to get some clarification if there will be a ProSeries Software update to reflect the $10,200 exclusion in unemployment for certain taxpayers?

Or are we just to use Schedule 1, Line 8?

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

Thank you for your input!

Lauren

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Ive just been following the iRS instructions. Remember to see if your state needs to be adjusted as well....in CA you have to add back that federal UI exclusion.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

taxgirl0216Author

Level 3

Gotcha - so just to confirm - you have been using Line 7 on Schedule 1 to report total unemployment, and then using Line 8 to enter $10,200 as a negative number (if it qualifies).

Good point about the states - thankfully I live in PA where unemployment is nontaxable.

Just-Lisa-Now-

Intuit Community Champion

Yes. UI on Line 7, exclude on Line 8.
Ones with APTC paybacks Im still holding until we know for sure how thats going to work

CA doesnt tax UI either but they start with the Federal AGI then subtract the UI from that, so I have to add back that federal exclusion or it would end up being deducted twice for CA.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪