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Why cant I just deduct 10200 from the amount I recieived instead of waiting for turbo tax to hear from the IRS that already passed this into law
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March 19, 2021
11:06 AM
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Business & farm
No. You should not simply deduct $10,200 from your unemployment benefits.
TurboTax is still waiting for IRS guidance before updating their program.
Please read this TurboTax Help topic for more information.
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March 19, 2021
11:29 AM
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Business & farm
doing the reduction in a way not approved by the IRS could end up delaying your refund for months.
March 19, 2021
12:31 PM
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Business & farm
Simply deducting the $10,200 would also change the EIC, Child Tax Credit, Social Security tax, and several other thing that could make your tax return invalid.
**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.**
March 19, 2021
12:48 PM