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Unemployment

robesposito
Level 1

Congress just passed an exemption from income taxes on unemployment insurance income at $10,200 for 2020 tax returns. The IRS and all software provider must update their programs. There is no mention if States will conform.

Tax returns that were filled already must be amended to remove the income.

What is best course of action with clients that received unemployment insurance income in 2020?

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IntuitCharlene
Moderator
Moderator

While we await President Biden's signature on the American Rescue Plan, we are monitoring the situation very closely and will provide updates as they are available. 

For the latest and greatest, check out our COVID-19 Resource Center, our Tax Pro Center post about the American Rescue Plan, or the Tax Law and News on the Tax Pro Center.

Of course we will also post any relevant product updates here in the Accountants Community under the News & Updates sections in the community.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

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IntuitCharlene
Moderator
Moderator

While we await President Biden's signature on the American Rescue Plan, we are monitoring the situation very closely and will provide updates as they are available. 

For the latest and greatest, check out our COVID-19 Resource Center, our Tax Pro Center post about the American Rescue Plan, or the Tax Law and News on the Tax Pro Center.

Of course we will also post any relevant product updates here in the Accountants Community under the News & Updates sections in the community.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

New Preparer
Level 1
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delmarflwr2
Level 1

Where or what is the form to exclude the first 10200.00 on unemployment under the new bill on Proseries

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New Preparer
Level 1

Unemployment:

On ProSeries, I use Other Income Statement(Schedule 1 Line 😎 on page 2 line 24. Other Taxable Income: On the field I put UCE (10,200). next to the Taxpayer column put -10,200  or -10,200 in the Spouse column. This (10,200) is apply only to individual whose received unemployment compensation.

 

 
 
 
 
 
 
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rdinapoli327
Level 1

Is there an estimated time frame and/or release date for the software update to accommodate the change to the unemployment exemption?

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RMP
Level 1

Following this closely...as of this morning Intuit has not updated their software and I am trying to get a return filed for a stimulus payment.

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dkh
Level 11

There is no way possible ProSeries could have updated the software yet as IRS hasn't given any guidance as how it should done.    And there is no way possible IRS could have given guidance yet as the President just signed yesterday.    

Keet
Level 2

Guidance came out yesterday (12-Mar-2021) as to the procedure.  Awaiting change from pro series for the new worksheet describe by IRS.  Awaiting to file many returns.  Please Hurry with update.

New Preparer
Level 1
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