- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Just wanted to get some clarification if there will be a ProSeries Software update to reflect the $10,200 exclusion in unemployment for certain taxpayers?
Or are we just to use Schedule 1, Line 8?
New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service (irs.gov)
Thank you for your input!
Lauren
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Gotcha - so just to confirm - you have been using Line 7 on Schedule 1 to report total unemployment, and then using Line 8 to enter $10,200 as a negative number (if it qualifies).
Good point about the states - thankfully I live in PA where unemployment is nontaxable.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes. UI on Line 7, exclude on Line 8.
Ones with APTC paybacks Im still holding until we know for sure how thats going to work
CA doesnt tax UI either but they start with the Federal AGI then subtract the UI from that, so I have to add back that federal exclusion or it would end up being deducted twice for CA.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I would think there would have to be a software update that will handle this - has anyone heard for sure?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I actually heard from another forum that I am a part of that Drake's software update came out today.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Amazing that a low price software is able to react faster than Intuit, isn't it? I don't mind giving Intuit a little time, but I do mind the fact that they are so afraid to give some type of timeframe as to when they will be able to roll out the changes. 😞
Slava Ukraini!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Completely agree! I called ProSeries today just to see what they might say. The person whom I spoke to said their managers have said not to give any timeframe but just that they have not heard from the IRS regarding software implementations. She recommended I watch for ProSeries Alerts 😕
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Once upon a time, I asked why they won't give timelines. The reason is, if they say 7 days and it takes 8 days, then their customers are going to be mad. Well, then give a cushion. If you think it is going to be 7 days, then say 10 days to give a cushion (I know, giving a range of 7 to 10 days would be too complicated). It's hard dealing with clients when you have to tell them, someday my software will be up to date and I will get your return done then.
Slava Ukraini!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Don Farmer's latest email says that the IRS is working on a form and will work with Software companies to get that form. He also said not to Amend 1040"s already filed with the Unemployment because the IRS thinks they can auto-correct returns and issue the refunds. I guess we'll see if that really happens.HaHa!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yeah, I've been considering switching to Drake, who has been courting for my business for the past couple of years.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Massachusetts is so cheap that they will only deduct anything if your income is less than 200% poverty level. pretty sad