Originally posted by Anarchrist
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Any suggestions from you? Line 21 is no good for you? Or are you reading snip its and not the thread.Last edited by BOB W; 03-11-2021, 01:17 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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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."Taxation is the price we pay for failing to build a civilized society." ~ Mark SkousenComment
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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?Originally posted by Anarchrist View Post
So your common sense is to do nothing when what I'm doing will end up as a no change outcome..Last edited by BOB W; 03-11-2021, 02:24 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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You include the WHOLE UI to determine if the taxpayer has less than $150,000, before deducting the $10,200.Originally posted by Lion View Post
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In the case of boarder line issue can some be deducted but not all? Or is it cut and dry?Originally posted by ValRose View Post
If you are over 150,000 say 151,000 you will get no part of the UI reversal?
Gota get an IRA quick.Last edited by BOB W; 03-11-2021, 02:59 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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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.Originally posted by BOB W View Post
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?
"Taxation is the price we pay for failing to build a civilized society." ~ Mark SkousenComment
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WOW... I guess you missed the part where I said that the boarder line incomes will have to wait for updates to come....Over $150,000 was never questioned except when UI caused 150,000 +.
Hey! It's my foot...This post is for discussion purposes only and should be verified with other sources before actual use.
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Since you never said that, of course I missed it. You did use the nonsensical phrase "boarder line issue", but stated nothing about waiting for returns with income close to $150K. I have a walker you can borrow if you need it after shooting your foot.Originally posted by BOB W View Post
"Taxation is the price we pay for failing to build a civilized society." ~ Mark SkousenComment
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Check post 29Originally posted by Anarchrist View Post
By the way, Since that post more info has been posted.Last edited by BOB W; 03-11-2021, 05:51 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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Humm... who is shooting who in their foot? No comment? Humm...This post is for discussion purposes only and should be verified with other sources before actual use.
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The one jerry-rigging returns, thus most likely guaranteeing problems down the road.Originally posted by BOB W View Post
"Taxation is the price we pay for failing to build a civilized society." ~ Mark SkousenComment
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Just saw a post on another site that IRS will use the same logic like the $2400 UI exemption in 2009. So basically if you deduct UI up to10,200 and then check AGI and if it is within the range the match should be ok. Obviously a changed AGI will have collateral effect on other calculations. To make matters even more complicated repayment of Advance PTC is waived. So a return with both UI and PTC will look completely different. I have one client in that situation, that I am holding off.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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This is great news for those borderline tax returns. Now just need to see actual IRS statements for this and reporting guidelines.This post is for discussion purposes only and should be verified with other sources before actual use.
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Another question, does the 10200 unemployment offset affect the gross income for EITC?Comment
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Another question, has any state said if they will allow the deduction or add it back?
Too many ifs to try and jump the gun before seeing actual IRS and State answers. Use the negative entry to give your clients an idea of where their taxes may be, but stress that the rules are not IRS finalized yet.Comment
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