When will the program update to not tax the first $10,200 in unemployment under the new stimulus package? Should we just use the 'repayment' option on the amount for now, or wait to file?
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No update needed, you should follow the instructions issued yesterday by IRS
https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...
Be sure to research how your particular state might be handling this.
No update needed, you should follow the instructions issued yesterday by IRS
https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...
Be sure to research how your particular state might be handling this.
And IRS says NOT to amend returns (at least not yet). A return in process that I tried to adjust for unemployment resulted in it calculating EIC, not sure if that will be acceptable to IRS. Expect guidelines to be issued by mid-week (3/17/2021) then factor in time for software companies to adjust software parameters. Don't expect immediate response/fix for this issue.
So are we to go ahead and enter on line 8 other income "UCE" and the corresponding amount as a negative amount? There will be no program update that we should wait for? I realize that you have to considered your own specific state rulings.
Hello Champ Lisa, Do you know if we treat this like an IHSS, like we exclude the income on line 8 (other income)?. On proseries basic wont let me just type in a figure on line8, Id have to open the line8 form and enter my exclusion there. Btw, thank you for the link.
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