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Taxwise updated unemployment


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TW update this morning included the unemployment update. States still need updating, but I think we can just work around the states so we don't have to wait. 

Due date was updated. 

8962 Repayment of APT has not been updated yet. 

This will unlock about 50 returns for me, so I'm happy about that. 

I'm also happy about wine. 

Cheers.

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18 minutes ago, Possi said:

 

I'm also happy about wine. 

Cheers.

I have noticed that I am drinking a little more lately, puts a smile on my face and a bounce in my step.  Thankful for the little things that make life more enjoyable during these doubly stressful times for tax practitioners.

I'm reading a book,  while on my early morning life cycle ride, Optimum Health by Dr. Sinatra, a cardiologist.  In it he mentions studies that were done on accountants during tax season and no surprise there are higher incidences of health issues during the season that subside after the season.  He also recommends a glass of red wine a day so this is a no brainer (he doesn't mention the size of the glass though, you be the judge).

But a big takeaway from your post is the calming effect of that update,  can't wait for ATX's because the work and stress is piling up and I may need more wine.

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Regarding VA;

VA does not tax Unemployment. It is adjusted automatically (in the software) to come off the VA taxable income.

The software does not recognize the adjustment OFF the federal, so there is a double dip happening because VA starts with the federal AGI.

The portion that the new wksht is taking off the federal must be added back to the state in this case, or else it is coming off the federal and off the state, again. 

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1 hour ago, Possi said:

TW update this morning included the unemployment update.

Yay, the update is here! And so are all of you....Lion said you were over here, and how nice it is!

Cheers to you too!

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1 hour ago, BP. said:

Yay, the update is here! And so are all of you....Lion said you were over here, and how nice it is!

Cheers to you too!

How do I find the update, updated forms or hoe does adjustment for the unemployment work for the files I am holding?

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2 hours ago, Possi said:

Regarding VA;

VA does not tax Unemployment. It is adjusted automatically (in the software) to come off the VA taxable income.

The software does not recognize the adjustment OFF the federal, so there is a double dip happening because VA starts with the federal AGI.

The portion that the new wksht is taking off the federal must be added back to the state in this case, or else it is coming off the federal and off the state, again. 

Where is the worksheet for ATX?

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53 minutes ago, Don Hughes said:

How do I find the update, updated forms or hoe does adjustment for the unemployment work for the files I am holding?

The ATXaholics above (FDNY and Possi) are talking about drake.

 

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57 minutes ago, Don Hughes said:

Thanks for allowing me to join.

Concerned for the worksheet for the workaround on unemployment on ATX. If it exists, I can not find it. Where is it and what is it called? Thank you.

Welcome to the forum.  The above posters are talking about Taxwise software.  Drake updated its software about a week ago. 

ATX has a projected date for its update closer to the end of the month, the 29th iirc.

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