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unemployment & child tax credit

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unemployment & child tax credit

Tazzino1

To whom it may concern,

What plans do you have for helping hundreds of my fellow tax preparers with regard to the new tax changes being approved? 

Unemployment & Child tax credit- we have to do amended returns for dozens to hundreds of our clients depending on the size of the practice. We need an update/filter that will be able to single out every return we e-filed already that has unemployment and or gets Child tax credits.

The NEW laws will allow $10,500.00 of unemployed payments forgiven per person. If married filing jointly then $10,500.00 per person That needs to be part of your update.

Same exact thing applies to the child tax credit moving up as well?

Please advise as this is a NIGHTMARE for any tax preparer, thank you.

 

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4 Comments
sjrcpa
Level 15
TaxGuyBill
Level 14

Nothing can be done until the IRS gives direction.

The increased Child Tax Credit does not take effect until the 2021 tax returns.

sjrcpa
Level 15

And the potential nontaxable unemployment is $10,200 per person.

Dots
Level 1

PLEASE UPDATE THE PRO SERIES PROGRAM AS SOON AS THE IRS DECIDES TO 

UPDATE THEIR FORMS TO ALLOW FOR THIS DEDUCTION.

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