Ultra tax just notified users that NO fix is planned until IRS gets back to them.
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Are we talking returns already filed or return not filed?
Obviously returns already filed... no one has answers.
Returns not filed... most all softwares have solutions in place already... Using Taxslayer Pro.. they updated yesterday.
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Proseries was suppose to have a fix yesterday. But that did not pan out.Comment
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The IRS Instructions for the Unemployment Compensation Exclusion can be read here:
If there aren't any updates in time for you to file your client's tax return just follow the worksheet instructions.Comment
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Actually both. Amended return can't be refiled without the MAGI update and current unfiled will have the same problem.Originally posted by spanel View PostLast edited by BOB W; 03-19-2021, 10:09 AM.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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Originally posted by wwmadden View PostThe IRS Instructions for the Unemployment Compensation Exclusion can be read here:
If there aren't any updates in time for you to file your client's tax return just follow the worksheet instructions.
But things are not always that simple. You ALSO need to compensate for all of the MAGI calculations that DON'T allow the exclusion.Comment
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Question for everyone: Would it be safe to file an Unemployment offset if there are NO MAGI items on the return?This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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News item says IRS will try to automatically change returns previously filed.
https://www.accountingtoday.com/arti...nefit-payments
Note also that extending the deadline will negatively impact some Americans, typically those most in need. (see article for details)."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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No. When your software updates, you'll have two offsets and will have to go back and change all those returns. If it updates between finishing the return and receiving the 8879 back from the client and you don't catch it, you've massively screwed up.Originally posted by BOB W View Post
The irs has stated not to file returns with unemployment at this time."Taxation is the price we pay for failing to build a civilized society." ~ Mark SkousenComment
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Lacerte implemented the change in their update yesterday.Comment
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ouch again!!!Originally posted by anarchrist View PostThis post is for discussion purposes only and should be verified with other sources before actual use.
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Earlier in the year, I had a return on perpetual hold by ProSeries because one of the forms had not yet been updated by ProSeries. It was about a week and a half after they updated the form that they finally decided to send the e-filed return to the IRS. So no, I am not going to manually calculate unemployment on a worksheet and send it in, and then have ProSeries put the return in jail for weeks until they get around to doing their job. The same can be true for the State return. How do you know whether or not your State will reject a return or place it on hold for weeks because the State isn't ready yet to accept returns with unemployment benefits?Comment
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[QUOTE=Y2KEA;n305312]Lacerte implemented the change in their update yesterday.[/QUOTE
Does it work and did your file any returns?This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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[QUOTE=BOB W;n305316]It calculates correctly but I have not had the opportunity to file any returns claiming the exemption since the software update.Originally posted by Y2KEA View PostComment
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And, does it calculate the correct MAGI for other purposes, such as the taxable part of SS, IRA thresholds, student loan interest deduction, T&F deduction, and PAL thresholds for rental losses?Comment
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