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When is ProSeries going to make the systems changes for the unemployment exclusions

RockyB1
Level 1

With the new law in place, when is intuit going to make the software changes for the new unemployment exclusion of $10,200?

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5 Replies 5
PATAX
Level 11

Rocky the ink on the bill is still not dry. The IRS has to make the necessary changes & coordinate with the tax software providers, who then must update software....may take a week or two but who knows. I am just going to be patient...

Just-Lisa-Now-
Level 15
Level 15

The IRS issued guidance and instructions to make the adjustment last week, no software update needed.

However if the tax return has marketplace insurance on it, you may want to hold off until we get more information, this adjustment is making some interesting changes to these amounts....Im not sure what were seeing is correct or not.

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

You'll need to research how your particular state is wants it to be dealt with as well


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 11

Lisa I thought we were supposed to hold off until further guidance from the IRS? Do you know what is going on? Thank you

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jb47
Level 1

I have clients i need to finish returns before proseries update the software so do i just subtract the 10,200 myself? if unemployment is less than 10,200 do i put nothing?

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PATAX
Level 11

Per recent tax guy Bill post just posted and Pro Series link ...Pro Series will issue a software update on Thursday...