Amended Returns- $10,200 unemployment exemption from income.

[JOHNNYCPA]

If we filed 2020 return for clients with unemployment, do we have to amend the return to exempt $10,200 in unemployment income?  I hope the IRS can make refunds  instead of doing amended returns.

[billwtb]

any word on if we are doing a client now how do we adjust their unempliyment for the $10,200 that is not taxable now?

[Just-Lisa-Now-]

This has been discussed in at least a dozen other posts in the last week,

The 1040X wont be ready until March 18th.  We cant amend anything until IRS issues some guidance on HOW its to be listed on the tax return.  Its going to change AGI (and MAGI) and can affect multiple other items on the return, so we need some guidance before proceeding.

[coopster1967]

Just be patient. We're going to have to Amend the returns and wait for the IRS' guidance.  Furthermore, they are not going to fix it themselves and make it nontaxable.  It will be up to us.  Also, you will have State returns to fix also.  I already have my list printout with those who had unemployment and have already filed their returns.  I'm not taking the time to Amend these until May/June.  Will be good summer work and cash. 

[Just-Lisa-Now-]

Id be willing to bet they extend the individual filing season until June15th, theyre just not going to announce it until after the Partnership/SCorp due date passes...so we'll have plenty of time to get everyone fixed up!

[Taxman420]

So how do we capture the clients we need to amend as of now? I looked in the client analyzer and “has Unemployement income” is not a search we can do there. Any suggestions on how to find these clients now? 

[Just-Lisa-Now-]

No query is in place for this yet...hopefully we see something by next weeks update.

[athaureaux6]

Somebody suggested a way and it seems it works. Double click the homebase, (any blank space)  you will see the ADD/Edit Custom Views screen pops up, click add custom view, name it Unemployment, on the right side check the box with Other Income from Schedule 1, save it. And the system is supposed to create a column with all the people who had unemployment income in your homebase. In my particular case, I had to select unemployment, close the program, and open it again to see the column, I do not know why it has to be that way but I can see the list. Hope it helps. 

[JOHNNYCPA]

in the homebase dashboard, can you tell what client has unemployment.  there is no filter criteria for unemployment.

[2873wheatland]

This totally worked for me. A big thank you!!

I just clicked the HomeBase in the very top toolbar. Once the HomeBase View "Unemployment" is created per directions, it gives you a column for Schedule 1. It is line 9 total not line 7 so will need to sort through which of those clients have unemployment but it sure is a lot simpler and faster than going through each client. You can also click on the other income column and sort however you want.

[Accountant-Man]

Other Income can be things other than Unemployment, but this is a start.

IRS instructions for excluding unemployment are out. Use "UCE" on the other income line. Line 8.

Google is your friend. 

[Just-Lisa-Now-]

Nice!