topic When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief in Get your taxes done using TurboTax

When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

heidihasa — Thu, 11 Mar 2021 20:14:35 GMT

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

xmasbaby0 — Thu, 11 Mar 2021 20:39:40 GMT

TurboTax will update the software for the unemployment but there is no timeline yet.

It can take weeks to several months or more for the changes to be made to tax software. First the IRS has to change its forms. The tax software has to be changed; the IRS has to test and approve of the software. Do not expect changes in the software to happen quickly. TurboTax may have more information in the near future AFTER the bill is signed into law, and some more details emerge about how Congress and the IRS will implement the changes.

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

SweetieJean — Thu, 11 Mar 2021 20:39:58 GMT

As soon as the IRS issues procedures for doing so. Once it does, TT must program and test them, and then get the IRS's approval.

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

Jlb427 — Sun, 14 Mar 2021 18:33:37 GMT

So should I wait to file my 2020 taxes since the TT update for non taxable unemployment benefits isn't loaded yet? Should I file for an extension?

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

xmasbaby0 — Sun, 14 Mar 2021 18:34:37 GMT

WAIT.

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

Jlb427 — Sun, 14 Mar 2021 18:38:06 GMT

THANK YOU! I've been searching online everywhere for an answer to this question!

Cheers

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

ord2koa — Mon, 15 Mar 2021 10:42:49 GMT

There is guidance: https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

kmnapoli1 — Mon, 15 Mar 2021 16:54:43 GMT

How do you apply this to TT? Can we do manually or do we have to wait for TT to update the software?

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

xmasbaby0 — Mon, 15 Mar 2021 16:56:12 GMT

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

DoninGA — Mon, 15 Mar 2021 16:56:41 GMT

@kmnapoli1 wrote:

How do you apply this to TT? Can we do manually or do we have to wait for TT to update the software?

Please wait. The software will be updated.

See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

Re: When will turbo tax update to reflect the Expanded Unemployment and Retroactive Tax Relief

kmnapoli1 — Mon, 15 Mar 2021 17:09:53 GMT

When do you think that will be update? I need to file my taxes as soon as possible because I was not qualified for the stimulus check last year but for 2020 I am qualified. I don't know what to do!