from the IRS website:
"Note. If your modified adjusted income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021 excludes from income up to $10,200 of unemployment compensation paid to you in 2020. For married taxpayers, you and your spouse can each exclude up to $10,200 of unemployment compensation. For example, if you were paid $20,000 of unemployment compensation and your spouse was paid $5,000, report $25,000 on line 7 and report $15,200 on line 8 as a negative amount (in parentheses). The $15,200 excluded from income is $10,200 for you and all of the $5,000 paid to your spouse. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation. Use the Unemployment Compensation Exclusion Worksheet to figure your modified AGI and the amount you can exclude."
Can't Turbo tax figure out a way to implement this procedure on their forms? If you file by paper and can put the full amount of your UI for 2020 on Line 7 and then deduct the $10,200 for a single (and the other calculated amount for Married). This should be able to be automatically added to the entries for those lines as a deduction by filing status (Single or Married) that we have already entered in the beginning.
Just update your software to do this.
I do not want to file my taxes and wait for a refund. I owe a large ta bill and would like to get this deducted prior to filing to reduce my amount due.
Waiting for an amendment by the IRS and refund is ridiculous when you have the info you need for filling out the return lines right from the IRS website now.
