Unemployment Benefits

[Pat111]

Hello,

I use the Pro Series Basic program. Has the 10,200 Unemployment exclusion bill passed.

I keep reading and it seems like it was, but not sure.

Where do you show the 10,200 credit on the Pro Series Basic program. How about the NYS tax returns? Is there any credit on the state returns?

Should I wait to file those clients who received Unemployment or do them anyway and file an amended return later on. This is turning into a nightmare. So many people collected Unemployment last year and I don't want them to pay big tax bills. This proposed legislation should have been decided on before tax season got underway.

Please advise anybody.

[Just-Lisa-Now-]

You may want to sign up with IRS for their announcements and newsletters, so youre not the last one to the party.

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...

[mdtao31]

YES IT PASSED WHEN BIDEN SIGNED THE STIMULAS PACKAGE

REGARDS, LARRY

PS STAY SAFE!!!!!!

[Pat111]

Thanks for your response.

Show as UCE (Unemployment Compensation Exclusion) on Line 8, (10,200 maximum) of form 1040

[Just-Lisa-Now-]

As long as the income is below the 150k mark...remember this could have some effect on the state return...I know in CA, they already exclude UI, so that Line 8 adjustment would exclude it twice, so we need to make an adjusting entry on the CA return to add it back....other states may be similar.