How the ProSeries will handle the new provision? The States have issued the 1099 forms and as a matter
of fact I have already file one of my customers and have included the unemployment in taxable income.
How the IRS and the providers are going to do it, technically how to do it?
Just to ignore the 1099 or what ?
IRS has given guidance that you put on Other Income line as a negative number up to $10,200 of a single persons and up to $10,200 of a spouse (but no more than each received). Modified AGI has to be less than $150,000 to allow the deduction.
You are to use the code "UCE" for the description. I'll try to attach guidance here.