Unemployment adjustment tax program fix

[TaxGuyBill]

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?

I saw reports the Social Security was being taxed correctly, so I suspect the other items are correct as well.

ProSeries is doing the calculations correctly, BUT is not doing anything with the State returns. So if you were to file a state that starts with Federal numbers, you need to adjust it (including states that were already not taxing it, you need to add it back so it doesn't double-deduct, and the states that do tax it, you now need to add it back so it is taxable).

[Twin Turbo Z]

I saw reports the Social Security was being taxed correctly, so I suspect the other items are correct as well.

ProSeries is doing the calculations correctly, BUT is not doing anything with the State returns. So if you were to file a state that starts with Federal numbers, you need to adjust it (including states that were already not taxing it, you need to add it back so it doesn't double-deduct, and the states that do tax it, you now need to add it back so it is taxable).

ProSeries is calculating Ohio correctly (home state). Ohio is following federal guidelines.

[TaxGuyBill]

Oh, thanks, I think I misphrased it. Some state have a 'rolling conformity' (they always do whatever the Federal does), so they would be correct. I would guess that Ohio is that way.

But any states that set their own rules (but start off with Federal numbers) seem to be wrong.

Or maybe I'm wrong about the mechanism of the problem, but from what I have seen there a quite a number of states that are currently wrong.

[BOB W]

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?

Lion: Your one of the best for fine details....

[Lion]

I took a webinar from Kathy Morgan/Tax Practice Pro today! Very helpful. It was recorded and will be on demand shortly. https://taxpracticepro.com/

[BOB W]

I took a webinar from Kathy Morgan/Tax Practice Pro today! Very helpful. It was recorded and will be on demand shortly. https://taxpracticepro.com/

They have good subjects. I'll look into them after season settles down.... Around September......

[TAXNJ]

It would be helpful to the readers if you list those states that you say........

.....but from what I have seen there a quite a number of states that are currently wrong.