Congress just passed an exemption from income taxes on unemployment insurance income at $10,200 for 2020 tax returns. The IRS and all software provider must update their programs. There is no mention if States will conform.
Tax returns that were filled already must be amended to remove the income.
What is best course of action with clients that received unemployment insurance income in 2020?
Best Answer Click here
While we await President Biden's signature on the American Rescue Plan, we are monitoring the situation very closely and will provide updates as they are available.
For the latest and greatest, check out our COVID-19 Resource Center, our Tax Pro Center post about the American Rescue Plan, or the Tax Law and News on the Tax Pro Center.
Of course we will also post any relevant product updates here in the Accountants Community under the News & Updates sections in the community.
While we await President Biden's signature on the American Rescue Plan, we are monitoring the situation very closely and will provide updates as they are available.
For the latest and greatest, check out our COVID-19 Resource Center, our Tax Pro Center post about the American Rescue Plan, or the Tax Law and News on the Tax Pro Center.
Of course we will also post any relevant product updates here in the Accountants Community under the News & Updates sections in the community.
Is there an estimated time frame and/or release date for the software update to accommodate the change to the unemployment exemption?
Following this closely...as of this morning Intuit has not updated their software and I am trying to get a return filed for a stimulus payment.
There is no way possible ProSeries could have updated the software yet as IRS hasn't given any guidance as how it should done. And there is no way possible IRS could have given guidance yet as the President just signed yesterday.
Guidance came out yesterday (12-Mar-2021) as to the procedure. Awaiting change from pro series for the new worksheet describe by IRS. Awaiting to file many returns. Please Hurry with update.
Just got this link yesterday March 16, 2021
Update of Unemployment $10,200 Just got this link (March 16, 2021)
Where or what is the form to exclude the first 10200.00 on unemployment under the new bill on Proseries
Unemployment:
On ProSeries, I use Other Income Statement(Schedule 1 Line 😎 on page 2 line 24. Other Taxable Income: On the field I put UCE (10,200). next to the Taxpayer column put -10,200 or -10,200 in the Spouse column. This (10,200) is apply only to individual whose received unemployment compensation.
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