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IRS changes guidance on $10,200 Unemployment Exclusion TODAY 3/23/2021

pamdory
Level 7

The instructions for the AGI worksheet now excludes unemployment from AGI in determining the $150,000 limitation.

https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

Note under Unemployment Compensation Exclusion Worksheet – Schedule 1, Line 8 that the instructions differ from the worksheet in Lacerte.

Back on hold...

UPDATE - IT LOOKS LIKE THE 03/24  UPDATE IS USING THE NEW WORKSHEET IRS MODIFIED ON 03/23.

Back to work!

6 Replies 6
IRonMaN
Level 15

Yesterday's rumor is now confirmed.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
pamdory
Level 7

This is one of those times when it would be nice for Intuit to pop a pink or blue banner at the top of the client list to alert people to an upcoming change...

IRonMaN
Level 15

Yeah, but there are only about a couple dozen of us that actually pay any attention to the alerts.

As a side note, when is Intuit going to have the software updated for the revision? 

IRonMaN_0-1616522296504.png

 

 

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
pamdory
Level 7

🤣

And when will our colleagues running Drake start telling us they just got an email about it?

rbynaker
Level 11

@pamdory wrote:

🤣

And when will our colleagues running Drake start telling us they just got an email about it?


It won't be right away.  It takes Drake hours to release this information.  Sometimes it's not even until the next day. 😛

0 Cheers
qbteachmt
Level 15

When will TaxGuyBill be able to provide a new quote from Judy? That's the clock I've got ticking.

@TaxGuyBill Make sure to thank Judy, next time you "see" her.

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0 Cheers