Stop! Wait to file your 2020 Income Tax Return | Unemployment Benefits Update
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- Опубліковано 7 вер 2024
- In this video, I cover how the latest amendments to the American Rescue Plan Act will affect the taxability of 2020 unemployment benefits received.
Amendments to the American Rescue Plan Act: fm.cnbc.com/ap...
⚠️⚠️⚠️#PUA #Unemployment #Stimulus ⚠️⚠️⚠️
Please note that this video is for information purposes only and is not intended to provide or relied upon for tax, legal, or accounting advice. Please consult your own CPA, tax advisor, legal and accounting advisors.
Thank you for the info
Thank you for the comment!
With everything up in the air and changing so quickly thank you for keeping us up to speed with such valuable and helpful information!
Thank you for the comment!
Thank you for sharing. Did the final amendments come through? It’s been a week.
Hi Noah! The software updates have not yet come through. Thank you for asking Noah! I will keep you posted!
what if you paid the taxes weekly, while receiving the unemployment, and 2020 taxes have already been submitted?
^
Thank you very awesome info I will stay in contact
i filled my 2020 for unemployment. were can I find 1040x amendment ?
Great question. Off the IRS website.
Do we do the amendment now or wait?
@@LoveNLight1111 we can do the amendment when the stimulus bill pass.
Thanks so much for the info
Thank you Rahman!
Good morning ready do my taxes a couple weeks ago why I need to do now for the credit to 10200
What if I filled my 2019 instead of 2020
2019 should not be affected.
What can i do . I already did file 2020 tax and i had 1099G .
Amend
Great question! You would have to unfortunately amend.
What if your already got your income tax refund back, can you still amend?
@@tiffanymcpherson8545 yes you can.
So how much we getting back from the $10,200 unemployment taxes being waived?
Would u happen to know if 4506t should be home address or business address?
Depends who's tax transcript it's for. Individual, then the individual's address. If for a business, the businesses' address.
@@locumcpa I am a single member llc that files sole prop married filing jointly. My 1040 has my home address but my schedule c has my business address. So should the 4506t still be my business or home?
great video
Thank you Yasuo!
I was filing and I seen how much I owed. I closed the page and I’m waiting to see what’s coming if anything.
I would wait.
Thank you for this video I did not know this information. Thank you for sharing but what is the actual deadline to file in 2021.
Where do we put this adjustment for unemployment on a 1040
What if I had to file my 2020 already do I have to file an amendment? And I had to file my 2020 because believe it or not they have yet to process my 2019 and I got screwed out of the last stimulus check
Thank you Roy for the comment and question. If the change is passed, yes, you will need to amend your return for 2020.
@@locumcpa thanks for answering my question
What should you do if you’ve already filed
You may need to amend. The IRS has not released guidance yet on how to adjust. I will post a video once they do.
I did mine but I haven't send it yet because it says that I'm getting 22,000 dollars on federal and i know it have to be wrong because is way too much with only one dependent. I used 1099 g form and w2.
Question on another tax issue. Maybe you can do a video on this one. The child tax credit - for 2020 will children AGE 17 qualify or is that for 2021???? Thank you!!!
If your household has 2 people who received unemployment in 2020, would the untaxed portion get doubled up to $20,400($10,200 x 2)? Thanks!
Great question. No, I believe the exemption would be cumulative and not dependent on the number of household members.
@@locumcpa: but I saw an article at CNBC.com saying that married couple file jointly would entitle to double the $10,200 to $20,400 ? Is the article inaccurate?
The bill was just approved by house and it will be signed into law this Friday March 12. Are you saying that the tax exception for unemployment on the first $10,200 applies to benefits received in 2020? If yes, this is worth waiting until signed into law!
Will this be per taxpayer.
If a married couple got unemployment will each individual reduce 10200 or is it per tax return
It will be per household.
My daughter lived at home in 2019, but not in 2020. When and if they pass the $1400 checks, adult dependants are included this time around. Think I'll still get a $1400 amount for her?
You may.
Quick question, so I was claimed as a dependent on my 2019 taxes. Therefore, I wasn’t given a stimulus check. I have everything set up to e-file. And it appears I qualify for the recovery rebate credit, should I wait to file since I have unemployment credit. And if I wait will I also qualify for this upcoming stimulus check? Thanks in advance!
I'm so confused I'm waiting to file my taxes due to my credit unfortunately I need my taxes asap for bills but if I wait for the bill to pass will I get thr 3k child credit or no ?
Hi Heather, the proposed child tax credit is for 2021 and will not affect your 2020 tax return. This video relates to those who received unemployment benefits in 2020.
What happens wen u already filed ?
ooof so many people already filed, and if they add this change so many people will need to amend their returns. Poor Tax preparers and IRS