@Hagerr0822 wrote:
It seems there are going to be a lot of hot messes out there with the $10,200 exemption and some states. People have filed before states have made a decision on the 10,200. Some states are allowing it and some aren’t. Apparently, TT doesn’t know which state has allowed the exemption and which hasn’t. With it being a federal exemption, you would think it would go for all states. Anyway, if a return isn’t correct, I am sure it will be caught and a letter sent out. Could result in a refund or could owe. Sad not all states can do what the federal government is doing in a time of need.
Yep - and it could drag on for a long time. Some states have introduced bills to follow the Federal but the legislator is in recess until September.
And Federal is the same. The IRS have said that they will adjust refunds for people that have filed without the exclusion but should amend if the exclusion allows credits that they did not originally claim. But how can you amend to claim other credits without also claiming the exclusion that the IRS will adjust for you?
Waiting for IRS guidelines.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
