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How will Proseries be handling the change for $10,200 of unemployment as non taxable?
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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.
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The President signed it into law on March 11, 2021. My clients are driving me crazy to get their returns filed. All of the ones currently in process are Alabama residents where unemployment is not taxable. Okay, so I decided I can handle this by determining if they qualify for any exclusion by income level, then just treating the excludable amount as "repaid". Show the whole amount received less the "repaid" and Proseries includes only the amount that should be taxable. This is my workaround in order to get these people off my back. Now if your State taxes unemployment comp then you may want to continue to wait to see how the State responds but in AL it is not taxable so I have been able to go forward. Yes, the word repaid shows beside the line but I don't care, the correct taxable amount shows as taxable so the client has paid the correct tax he owes.
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I thought there was to be a "worksheet" created to handle the new law, was this done and if so, when will the update be performed?