![]() ![]() You are not allowed to stack all the deductions on one spouse and have the other spouse take the standard deduction. Remember that if either spouse itemizes their deductions on schedule A, both spouses must itemize, even if one spouse has zero deductions. Do not expect changes in the software to happen. The tax software has to be changed the IRS has to test and approve of the software. It can take weeks to several months or more for the changes to be made to tax software. However, filing MFS usually costs money, because many deductions and credits are disallowed or reduced (like IRA contributions) and the tax rates are slightly higher, so you will want to carefully test your tax returns both ways before you file. TurboTax will update the software for the unemployment but there is no timeline yet. That will save you about $1300-$2600 depending on your other income. So possibly, filing MFS will exempt part of your UEC from tax when filing MFJ would not. It appears that there is no reduction in the limit when filing MFS. We already took a huge hit on this last stimulus because of his income. If you're not sure that you are not affected by any of those, you should not use the clarification, is it household income of under $150,000 or personal income under $150,000? My husband makes way more money than me so I wonder if I should file separately in order to be able to qualify for this. Passive activity loss limitation for rental real estate.Anybody having the same issue 14 30 30 comments Best Add a Comment tdt1019 2 yr. Savings bond interest exclusion for education Just checked on my turbo tax software and the unemployment adjustment hasn't been made.I’ve heard that the American Rescue Plan Act specifically says that the excluded unemployment income is NOT to be subtracted in calculating the following: for how to calculate the correct amount to enter. That assumes you meet the income restrictions and you’re entitled to the full $10,200 and your spouse doesn’t also have unemployment. Updated: / 12:46 PM MDT WASHINGTON (NEXSTAR) The American Rescue Plan Act of 2021 includes new guidance that allows people to waive tax liability on up to 10,200 of unemployment. I was told NOT to amend my turbotax tax filing in order to get the additional refund due to the 10K+ of unemployment income not being taxed, so I did not. I filed my taxes in February, which included unemployment income. It will go on line 8 of Schedule 1 as a deduction (-). In Limbo on unemployment tax refund after filing taxes in February. For the amount enter with a minus sign: -10200. On the next screen, you'll get blanks to enter the amount and a description. On the next screen, choose – Other reportable income Federal Taxes tab (Personal in Home & Business) ![]() There do not appear to be any form changes needed.Īny workaround involves some risk of error That said, if a user really can't wait, this work arounds appears to put it in the right place, with the right wording: But, the IRS has issued instructions, so TT does know what to do, So, far we haven't heard when. ![]()
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