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As of today Turbo tax software isn’t updated to calculate the $10200 tax exempt for this years unemployment.
Although, the IRS did issue guidance how to correctly file on the 1040.
You can EFILE your tax return on free fillable forms.
Along with the 1040, you’ll need to attach a schedule 1.
Line 7 of the schedule 1 will be the amount of UI, and line 8 will be -10200 (for filing single).
Another thing people should know and keep in mind is that the APTC clawback for excess subsidy premiums paid in 2020 will not be in effect for 2020, meaning people will not have to pay back any of the excess subsidies they received in 2020. A lot of people were going to owe a lot due to higher MAGI because of UI income received during the year, as well as the FPUC and LWA payments. People who were in this situation will be in a much more favorable position for 2020 taxes due to this, as well as the waiver of $10,200 of UI income for the year.
I haven't filed yet. We don't need to file early to receive the stimulus so I'm holding off. I'm eligible for the full $10,200 deduction. If I did the math correctly that means an additional $200 refund on top of what I originally figured.
I am waiting to see if the various free file options will update for this deduction.
Another thing people should know and keep in mind is that the APTC clawback for excess subsidy premiums paid in 2020 will not be in effect for 2020, meaning people will not have to pay back any of the excess subsidies they received in 2020. A lot of people were going to owe a lot due to higher MAGI because of UI income received during the year, as well as the FPUC and LWA payments. People who were in this situation will be in a much more favorable position for 2020 taxes due to this, as well as the waiver of $10,200 of UI income for the year.
I have my taxes figured through one of free tax websites that are linked from the IRS website. I have not submitted them yet, I was waiting for the $10,200 waiver.
I also owe money for my excess ACA subsidy from extra UI stimulus. Will getting the waiver for the excess subsidy be a separate form or action, or will the waiver for the $10,200 UI also take care of it?
Another thing people should know and keep in mind is that the APTC clawback for excess subsidy premiums paid in 2020 will not be in effect for 2020, meaning people will not have to pay back any of the excess subsidies they received in 2020. A lot of people were going to owe a lot due to higher MAGI because of UI income received during the year, as well as the FPUC and LWA payments. People who were in this situation will be in a much more favorable position for 2020 taxes due to this, as well as the waiver of $10,200 of UI income for the year.
So are you saying the subsidy clawback will automatically adjust when we deduct the UE taxes that no longer have to be paid (since that will reduce our AGI?
I owed $ 325 in excess subsidy and was wondering how I adjust that now with the new bill.
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