Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

UNEMPLOYMENT WAIVER WITH THE NEW BILL

emcwillard
Level 2

Hello, With the new bill that was passed on 3/11, it states that $10,500 unemployment benefits could be waivered. It mentions that it is retroactive. So now I wonder if the irs will take care of the waivered benefits or should I be gearing up for a lot of amended returns?

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Just-Lisa-Now-
Level 15
Level 15

Its 10,200 (details matter). 

IRS has stated dont start sending amended returns, I think they may try to come up with a way to make this adjustment internally for returns that have already been filed, so theyre not swamped by amended return processing.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

6 Replies 6
Just-Lisa-Now-
Level 15
Level 15

Its 10,200 (details matter). 

IRS has stated dont start sending amended returns, I think they may try to come up with a way to make this adjustment internally for returns that have already been filed, so theyre not swamped by amended return processing.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

emcwillard
Level 2

You are right it $10200. 

0 Cheers
IRonMaN
Level 15

Gear up for the unemployment returns still coming in.  The other ones go to the bottom of the pile for when things slow down.  It's Sunday today.  If you are religious, go to church and pray that the IRS does the changes instead of leaving it to the preparers.  What the heck, even if you aren't religious, pray the the IRS takes the bull by the horns ----------------- it can't hurt.

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
Just-Lisa-Now-
Level 15
Level 15
I pray to the Technology gods all the time to make my life easier! LOL

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Sanon CPA
Level 1

The IRS will figure it out soon. Either an amendment (or an additional schedule to be filed for returns already filed) or a simple internal calculation on their end. Regardless...Tax software Developers will be busy. Does anyone know if any States will allow the exclusion of the $10,200 as well?

0 Cheers
Just-Lisa-Now-
Level 15
Level 15
every state has their own rules, CA already excludes UI income...so this exclusion on the federal needs to be added back to CA.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers