Assuming passage of the new stimulus bill the increase in CTC applies to 2021. But the forgiveness of tax on the first 10K of unemployment income is effective for 2020 returns. Anyone have any idea how this will be implemented? A lot of amended returns?
Not this time. Didn't the not so great senator from the great state of Wisconsin require them to read the bill to the Senate? I'm sure he and all of the senior citizens in the Senate skipped their naps and listened to every word so that they could make a well informed vote on the bill.
I think that goes back to the December appropriations bill. It's not what was added Friday night / Saturday morning because it doesn't have the language about phase-out for incomes over $150K.
But even that may not be final, because there was a "manager's amendment" adopted by voice vote at the very end -- supposedly nothing that made major changes, just clarified language, but we don't really know until the final engrossed version is printed and sent back to the House. And the people doing that have not had much sleep in the last couple nights.
Does this $10,200 exemption mean we actually have to amend everyone who had unemployment under 150K. This is going to be ridiculous. We do need an extension on time for people to file. I have about 80 or so I haven't efiled yet. At least 20% have unemployment.
let me add my 2 cents--I have a number of people with Obamacare, 1095-A, who have to repay the premium tax credit based on income(!!!) including unemployment--this is a mess
I saw posted in another forum that the bill includes a one-year tax holiday on APTC repayment. I have not verified it yet so it's currently filed in my brain as "something I read on the Internet that might be true."
Rick, I *think* that was on the table before they went with the non-taxability of UIC. Perhaps it was dumped in exchange for the UIC exclusion. Or, maybe not. That part of my brain you referenced is very jammed with what is likely a lot of useless and/or obsolete info.
Rick, I *think* that was on the table before they went with the non-taxability of UIC. Perhaps it was dumped in exchange for the UIC exclusion. Or, maybe not. That part of my brain you referenced is very jammed with what is likely a lot of useless and/or obsolete info.
I don't read these things until they're actually signed (or at least on their way down PA Ave. to be signed.) But there's no way to block out the noise leading up to it.
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