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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.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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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.
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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.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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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.