However, the extension does not extend the time to pay. That’s accomplished with the Form 1040-X. If it looks like it's going to take a while, you can file an extension by May 17 that will give you until October 15 to file your tax return. At this point we have no idea how long it will take to get it fixed. There are nearly 200 bills pending before this 83d Congress seeking to.
H&R Block and TurboTax have updated their online tax-filing platforms to account for the. Latest You may receive a tax waiver on up to 10,200 of unemployment benefitshere’s how The newly passed Covid relief package waives taxes on up to 10,200 of unemployment benefits (or. Hbl3973 has alerted the forum moderators to the problem. As a result of this increasing unemployment of the aged, we are faced with the. The new stimulus bill allows 10,200 in unemployment benefits paid in 2020 to be excluded from taxes. That's probably why you haven't seen any other reports of the problem. This bug would only affect a small number of people whose income is in a very narrow range, and who are claiming an education credit. Apparently that internal calculation, which we can't see, uses your AGI before subtracting the unemployment exclusion, so it concludes that you are not eligible for the Lifetime Learning Credit, and never fills out Form 8863, where the correct reduced AGI would be used. But before completing Form 8863, TurboTax does an internal calculation to determine whether you are eligible for the Lifetime Learning Credit. The correct amount on Form 8863 is what made me think that TurboTax was doing it correctly. If your AGI (on a joint return) is $127,800 (which is &138,000 - $10,200) or less, TurboTax correctly uses the reduced AGI from Form 1040 line 11 in calculating the Lifetime Learning Credit on Form 8863. Simply enter their federal and state W-4 information as well as their pay rate, deductions and benefits, and well crunch the numbers for you. There is indeed a bug here, and it's a bit weird.
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