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Taxable unemployment

cruiser626
Level 1

I was wondering if anyone knew what was happening with unemployment.  The last stimulus came with the thought that they would not tax the first $10,000.00 of unemployment.  Does anyone know if that is going to become something that we will have to fix or is IRS going to fix it for everyone that received unemployment?  This was supposedly going to be retroactive back to 2020 taxes.

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11 Comments 11
Just-Lisa-Now-
Level 15
Level 15

You should sign up for IRS emails so youre not the last one to the party.

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15
qbteachmt
Level 15

The bill is law, and it exempts $10,200 per person of UI, based on the qualifications. The ProSeries program should be updated tomorrow with the new provision.

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"Level Up" is a gaming function, not a real life function.
IRonMaN
Level 15

Just hold on to your horses a little longer.  Intuit is supposed to be releasing an update tomorrow afternoon to handle it. However, your state handling of it is probably still unknown.


Slava Ukraini!
Camp1040
Level 11

That is what I mean about a weird question, How can that question be asked this many days after the 11th. Maybe the poster has been celebrating St. Patrick's day early. I just may be a grouch!

HAPPY ST. PADDY'S DAY ALL 🍀🍀🍀🍺🍺🍺

IRonMaN
Level 15

Right about now, show me 12 tax preparers and I'll show your 12 grouches. 😖


Slava Ukraini!
LG-CPA
Level 4

**raising my hand to be counted

rbynaker
Level 13

/me also raises his hand.

Camp1040
Level 11

Can you be a grouch and a greeter also?😀

IRonMaN
Level 15

For Walmart - yes.


Slava Ukraini!
qbteachmt
Level 15

"How can that question be asked this many days after the 11th."

And, they have the details wrong. And they express how they intend to make it work, and not wait. And they intend to issue amended returns.

Here you go:

https://www.cnbc.com/2021/03/17/irs-pushes-april-15-us-tax-deadline-to-may-17.html

 

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"Level Up" is a gaming function, not a real life function.