Unemployment voting

[Anarchrist]

I have not seen what you are talking about? And I have not seen anything that you have said that provides guidance. What is missing here in your post? So your common sense is to do nothing when what I'm doing will end up as a no change outcome..

If you have not seen the numerous responses above telling you not to subtract out the UI before the irs & software companies update their systems, then you haven't read the entire thread. As I said above, if all you have is the most basic of returns with nothing other than a W2 and 1099G w/ income below $150K, then maybe you'll have a no change outcome, but that's unlikely.

To quote you from above, "All great questions.... I have no answers". You admit you're clueless about how this works, yet you stupidly charge ahead. Your latest comment (post #35) clearly indicates you still don't know the basics of this law. To answer that question, which clearly indicates you should wait, if the taxpayer's income, including UI, is $150K or above, not over $150K, they get no UI reversal. It is cut & dry. Why are you so intent on shooting yourself in the foot?

[BOB W]

You include the WHOLE UI to determine if the taxpayer has less than $150,000, before deducting the $10,200.

In the case of boarder line issue can some be deducted but not all? Or is it cut and dry?

If you are over 150,000 say 151,000 you will get no part of the UI reversal?

Gota get an IRA quick.

[ValRose]

Is the $150,000 threshold with or without the UI benefits? How will the states handle it? I file returns in 13 different states. What to do about Kiddie Tax? Does Kiddie Tax apply on the amounts over $10,200? Or, do you still use $1,100 at 0% and the next $1,100 at 10%? I'm not filing UI returns today! (I'm preparing biz returns with a Monday deadline, anyway.)

You include the WHOLE UI to determine if the taxpayer has less than $150,000, before deducting the $10,200.

[BOB W]

You've been given the rational and legal answer to that question numerous times and have repeatedly stated you are going to ignore sound advice. If you have nothing but the most basic returns with nothing but some W2 income and unemployment you might get lucky and not have any problems filing the returns, but any preparer with any amount of common sense wouldn't do so.

I have not seen what you are talking about? And I have not seen anything that you have said that provides guidance. What is missing here in your post?

So your common sense is to do nothing when what I'm doing will end up as a no change outcome..

[Anarchrist]

You've been given the rational and legal answer to that question numerous times and have repeatedly stated you are going to ignore sound advice. If you have nothing but the most basic returns with nothing but some W2 income and unemployment you might get lucky and not have any problems filing the returns, but any preparer with any amount of common sense wouldn't do so.

[BOB W]

Where it doesn't belong. You're a fool if you follow his example.

Any suggestions from you? Line 21 is no good for you? Or are you reading snip its and not the thread.

[Anarchrist]

Where are you putting the separate negative amount?

Where it doesn't belong. You're a fool if you follow his example.

[BOB W]

What I have done to get an estimate of the revised tax calculation is use 10,200 as UI repaid in the current year. It appears the calculation is correct unless the fine print of the law says AGI before reduction by the exempted amount.

Yes, there are unanswered issues with the $150,000 AGI. Anyone that close will remain on hold until more info is published.

[BOB W]

Hold your horses Bob! Don't you have other work to do. I greeted the delay with open arms. Swamped and behind so delay works for me.

I have one $18,000,000 corp return to wrap up by Monday. After that I'm moving on to deal with my backlog and new appointments.

Hopefully I'll finish that NYC S Corp by tonight. Lots of ELF signature forms to get signed plus Auto ELF deduct Estimates to 3 Agencies for 4 qtrs and current balance dues.

[ATSMAN]

What I have done to get an estimate of the revised tax calculation is use 10,200 as UI repaid in the current year. It appears the calculation is correct unless the fine print of the law says AGI before reduction by the exempted amount.

[Bucky]

Hold your horses Bob! Don't you have other work to do. I greeted the delay with open arms. Swamped and behind so delay works for me.

[BOB W]

I just reviewed available input to record a negative UI entry and it looks like the old line 21 would be the best for a negative entry. Rapid Robert brought this up in a earlier post that I, respectfully, discounted but now seems to be the best way to avoid IRS matching issues. Adjustment has to stay above the line so line 21 is best.

[BOB W]

My program (Ultra tax) has multiple lines for unemployment income. I use separate lines for positive and negative entry. So within that section, the bottom line will be the net results of that subtraction. Can or should it be spelled out differently to limit IRS matching problem? Probably... Give me a direction.....

[ruthc]

No.. But I can just make a separate negative entry for the whole amount, or if over $10,200. just the $10,200. In the end it should be a no change regardless of any special instructions. This is just for the unfiled returns on my desk, about 30 of them.. Already filed returns will have to wait...

Where are you putting the separate negative amount?

[New York Enrolled Agent]

Just sent my first NEGATIVE unemployment entry to offset positive entry...

And you know for a fact, New York will conform to this change???

What is the rush? Mountains out of molehills. It seemed to me your haste is leaving due diligence in the dust.