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2020 unemployment

westax
Level 3

Any talk on how unemployment is going to be handled on returns already filed?

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6 Replies 6
abctax55
Level 15

Yes, there is.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
westax
Level 3

Let me rephrase that. What is ProSeries going to do about returns already filed that has unemployment in the returns? Will we need to amend the returns or can the program be changed so anything over 10200 on an individual basis automatically be amended to reduce the compensation by that 10200?

Obviously this is a question for Intuit to answer not any wise guys! Or Girls. Don't want to be sexist here. lol

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Dave Kropp
Level 3

The return will have to be amended.If you efiled the original return you can efile the amended return.

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westax
Level 3

 Do you work for Intuit? That's a lot amended returns to file. 

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Dave Kropp
Level 3

I don't work for Intuit. However, I used to work for Creative Solutions (Ultra Tax) and I stayed at a Holiday Inn Express last night 😀 .Here is a link to the cnbc article.

 

https://www.cnbc.com/2021/03/11/what-to-know-about-unemployment-benefits-in-the-new-relief-package.h...

 

dan3322
Level 1

Per CNBC article of 3/19/21 "$10,200 unemployment tax break: IRS plans to automatically process refunds" Per IRS commissioner Charles Rettig "do not file an amended return at this time, we believe we will be able to handle this on our own, we believe that we will be able to automatically issue refunds associated with the $10,200"  They are working on a worksheet with online tax programs moving forward for people filing now. Hopefully Intuit has it available to use ASAP

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