General Discussion

Jimbo S

(2,958 posts) Thu Mar 11, 2021, 01:23 PM Mar 2021

? regarding 2020 UE benefits

The bill the President is about to sign allows the first $10,200 of 2020 UE benefits to be exempt from federal taxes. Does anyone know how to report this on the 1040 or Schedule 1, or should I wait for the IRS to advise and/or revise the forms?

Thanks in advance.

4 replies

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? regarding 2020 UE benefits (Original Post) Jimbo S Mar 2021 OP

Saw an article that said that the IRS was working to catch up JT45242 Mar 2021 #1

Spot on Jimbo S Mar 2021 #3

Unless you need to file now for monetary reasons, I'd wait until everyone updates the forms PoliticAverse Mar 2021 #2

I just got back from my acct today. I thought I would have to pay with UI and ACA difference. I do LizBeth Mar 2021 #4

JT45242

(2,282 posts)

1. Saw an article that said that the IRS was working to catch up

Reply to Jimbo S (Original post)

Thu Mar 11, 2021, 01:30 PM

Mar 2021

If you can wait to file, I would wait for the forms to catch up.

The other option is to file now and then file an amended return when the changes to the forms are made.

Turnaround time for our refund was superquick because I wanted to beat the next roundof checks slowing down processing. I saw another article that said that the next round of checks would likely slow down refund processing times, so it may be just to wait if you haven't already filed.

Jimbo S

(2,958 posts)

3. Spot on

Reply to JT45242 (Reply #1)

Thu Mar 11, 2021, 02:04 PM

Mar 2021

That is exactly what I figured. I don't want to go the amended return path, so I will sit patiently and wait.

PoliticAverse

(26,366 posts)

2. Unless you need to file now for monetary reasons, I'd wait until everyone updates the forms

Reply to Jimbo S (Original post)

Thu Mar 11, 2021, 01:52 PM

Mar 2021

and online info.

LizBeth

(9,952 posts)

4. I just got back from my acct today. I thought I would have to pay with UI and ACA difference. I do

Reply to Jimbo S (Original post)

Thu Mar 11, 2021, 03:31 PM

Mar 2021

have property tax and medical to deduct, that is it. But with the covid bill I will get a couple thousand back. Without, I was going to get 800 back. Just something to see about where it lays. I do not know how to do all this myself and the woman does not charge that much.

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