# Don't file your takes now.



## islanddriver (Apr 6, 2018)

With all the changes that the congress and Senate are looking to change like a $10000 in unemployment not being tax. I'm waiting till April


----------



## Illini (Mar 14, 2019)

Are you sure that's 2020 unemployment? Maybe it's 2021?


----------



## Amsoil Uber Connect (Jan 14, 2015)

Ya I'm thinking for 2021, However one could file for an Extension that gives you until Oct 15th. Just make sure you file the Extension on or before April 15th.


----------



## islanddriver (Apr 6, 2018)

Illini said:


> Are you sure that's 2020 unemployment? Maybe it's 2021?


It didnt say what year just that they want it in the new Care Act.


----------



## SHalester (Aug 25, 2019)

Any changes would be for tax year 2021. 2020 is locked and a done deal.


----------



## FLKeys (Dec 27, 2018)

Democrats unveiled a bill this week aimed at providing tax relief for the millions of Americans collecting unemployment benefits last year - and who could face a surprise tax bill this spring.

Sen. Dick Durbin, D-Ill., and Rep. Cindy Axne, D-Iowa, introduced a bill on Tuesday that would waive taxes on the first $10,200 in unemployment benefits that individuals received last year. Americans who received jobless aid through state and federal programs would qualify for the relief, the lawmakers said in a news release.


----------



## islanddriver (Apr 6, 2018)

SHalester said:


> Any changes would be for tax year 2021. 2020 is locked and a done deal.


It's never a locked year untill.the finish updating my tax program still says mre updates coming it's has not finalized yet.


----------



## SHalester (Aug 25, 2019)

islanddriver said:


> it's has not finalized yet.


um, ok, not sure the IRS would agree with that with millions of returns being filed from today forward. Guess we'll find out. If this thread is true I see a lot of amendments going on.

Plus, doubt congress will get it done and/or prez will sign once treasury chimes in with the 'timing'. And that's after the tax professions riot.

But, nice to have hope. Would reduce my income by $13k, but if If was a betting person I'd say it ain't happening for 2020 filings.


----------



## FLKeys (Dec 27, 2018)

SHalester said:


> um, ok, not sure the IRS would agree with that with millions of returns being filed from today forward. Guess we'll find out. If this thread is true I see a lot of amendments going on.
> 
> Plus, doubt congress will get it done and/or prez will sign once treasury chimes in with the 'timing'. And that's after the tax professions riot.
> 
> But, nice to have hope. Would reduce my income by $13k, but if If was a betting person I'd say it ain't happening for 2020 filings.


I'm not holding my breath on them getting it passed and retro active to last year. But hey, its a form of cheese so they may find a way to whiz it out there. They could very easily auto adjust all returns that were filed a head of the change.


----------



## SHalester (Aug 25, 2019)

FLKeys said:


> They could very easily auto adjust all returns that were filed a head of the change.


that would never happen. Ever. This is the IRS you are talking about. :cryin:

Each person would have to amend their filing.

But, remember, a bill is not a law. So, there's that.


----------



## Johnny Mnemonic (Sep 24, 2019)

FLKeys said:


> its a form of cheese so they may find a way to whiz it out there.












There seems to be conflicting advice on waiting vs filing ASAP. Probably depends on individual situations.

The case for waiting...

https://www.forbes.com/sites/amberg...your-2020-tax-return-or-wait/?sh=159c7e1f74d5
The case for ASAP...

https://www.cnbc.com/2021/01/30/why-to-file-taxes-early.html


----------



## Amsoil Uber Connect (Jan 14, 2015)

There is a little know form called a 1040X. You have three years to Amend your Return. However;

with a 10,200 deduction I would get a refund instead of owing 460$

It would be way easier to file an Extension.

SMH, "The IRS recently announced that it won't begin accepting returns until February 12, which is 16 days later than tax season began last year." BFD !!!

If one needs the money that badly or soon enough, the refund is not going to be big enough.


----------



## PTB (Feb 3, 2015)

FLKeys said:


> Democrats unveiled a bill this week aimed at providing tax relief for the millions of Americans collecting unemployment benefits last year - and who could face a surprise tax bill this spring.
> 
> Sen. Dick Durbin, D-Ill., and Rep. Cindy Axne, D-Iowa, introduced a bill on Tuesday that would waive taxes on the first $10,200 in unemployment benefits that individuals received last year. Americans who received jobless aid through state and federal programs would qualify for the relief, the lawmakers said in a news release.




__ https://twitter.com/i/web/status/1367885524082556934
As described by Ron Wyden on the Senate floor, the #AmericanRescuePlan will be amended to add an additional month of UI benefits (PUA/PEUC), but cut PUC from $400 back to the current level of $300. https://twitter.com/escochrane/status/1367853201161076738?s=21&#8230; and forgive income taxes on $10,200 in UI received.


----------



## islanddriver (Apr 6, 2018)

Wonder if the $10200 tax deduction for unemployment will go back to 2020


----------



## PTB (Feb 3, 2015)

yes, 2020
no, 2021

https://www.cnbc.com/2021/03/05/une...waive-taxes-on-first-10200-dollars-of-ui.html


----------



## islanddriver (Apr 6, 2018)

PTB said:


> yes, 2020
> no, 2021
> 
> https://www.cnbc.com/2021/03/05/une...waive-taxes-on-first-10200-dollars-of-ui.html


Lets hope it passes


----------



## Amsoil Uber Connect (Jan 14, 2015)

Apparently it did. 

Now the question becomes how do I reflect the 10,200 on the Return / Schedule 1 ?

The easy answer would be to subtract that amount from the 1099-G total.


----------



## islanddriver (Apr 6, 2018)

Amsoil Uber Connect said:


> Apparently it did.
> 
> Now the question becomes how do I reflect the 10,200 on the Return / Schedule 1 ?
> 
> The easy answer would be to subtract that amount from the 1099-G total.


I guess once it totally passed .we will find out what we need to do to file it


----------



## IRME4EVER (Feb 17, 2020)

If you collected PUA it is fully taxable 2020. 
I was smart and had both Federal and State taxes taken out :biggrin: while getting PUA.
Already did my taxes. Got back 911.00 from Federal and 4.00 from State, already deposited into my bank account. Within a week of doing my taxes :biggrin:


----------



## PTB (Feb 3, 2015)

IRME4EVER said:


> If you collected PUA it is fully taxable 2020.
> I was smart and had both Federal and State taxes taken out :biggrin: while getting PUA.
> Already did my taxes. Got back 911.00 from Federal and 4.00 from State, already deposited into my bank account. Within a week of doing my taxes :biggrin:


you will need to amend your 2020 taxes to get the waived portion of PUA taxes back.
smart guy

once the bill passes


----------



## Amsoil Uber Connect (Jan 14, 2015)

Well one could let the Original Return stand and let them keep the extra as a gift. :roflmao:

I asked a friend about that knowing they file early, No EDD for them, but the daughter should Amend her Return.


----------



## 122819 (Sep 11, 2017)

islanddriver said:


> With all the changes that the congress and Senate are looking to change like a $10000 in unemployment not being tax. I'm waiting till April


If unemployment doesn't get taxed, does that mean people get refund for UI payments they got?


----------



## islanddriver (Apr 6, 2018)

ozzyoz7 said:


> If unemployment doesn't get taxed, does that mean people get refund for UI payments they got?


Depending on your tax bracket you would get a refund of the money that was taken out for federal tax. state tax you would still have to pay on that $10200.


----------



## 122819 (Sep 11, 2017)

My tax bracket for 2020 was $80k, but I got fired from the IT Job and not doing Uber and not working and getting UI for this year 2021. 


islanddriver said:


> Depending on your tax bracket you would get a refund of the money that was taken out for federal tax. state tax you would still have to pay on that $10200.


----------

