topic Turbotax 2020 desktop software in Deductions & credits

Turbotax 2020 desktop software

ssgokou29 — Tue, 23 Mar 2021 21:33:22 GMT

When will the desktop software receive the update for the $10,200 unemployment tax adjustment?

Re: Turbotax 2020 desktop software

LindseyLO — Wed, 24 Mar 2021 02:46:43 GMT

Assistance and guidance has been provided for you by clicking here. This will guide you through and explain how to file.

Re: Turbotax 2020 desktop software

ssgokou29 — Wed, 24 Mar 2021 03:16:52 GMT

This doesn't answer the question of when the desktop software will be updated to reflect the $10,200 changes.

The link explains the form you will get when you receive unemployment, and "how" to put in the information that is listed on the form I received, however it does not explain when the "turbotax software" will be updated to reflect this. If I'm correct filing "online" the tool is already updated, however I PAID for the software, and will be filing via the software on my computer. So when will the update for the software be done to reflect on the all the federal taxes I've already had withheld since I started receiving unemployment.

Re: Turbotax 2020 desktop software

Cynthiad66 — Thu, 25 Mar 2021 19:14:54 GMT

The desktop software has not been updated yet. It is still under construction. We do not have a date that is official yet. When it is updated, you will be notified via email. Please see link for additional details about the exclusion.

IRS' Unemployment Compensation Exclusion

Re: Turbotax 2020 desktop software

kaitybyrd — Thu, 25 Mar 2021 22:16:29 GMT

Hello, that notification link is not working for me, it appears to be broken. I would really like to file in hopes of my refund coming before a roof replacement. Right now, the desktop version of TurboTax not being updated is standing in my way. TurboTax, you really should give people who bought the software the option of importing their 2020 return into the the online program for free, if they so choose.

Re: Turbotax 2020 desktop software

DawnC — Thu, 25 Mar 2021 22:36:29 GMT

TurboTax is not yet fully updated to reflect the most recent legislative changes to unemployment. Here are the 2 most recent updates for unemployment - one for those who have already filed and one for those that have not filed yet. They both pretty much say to wait and to sign up to be notified by email when things have been finalized.

For those that have filed, we are waiting on the IRS to confirm whether or not they will adjust those returns as opposed to having taxpayers amend their returns - they have waffled on this claim, but currently, the guidance is to wait for further instruction. IRS link is below; see underneath the bullet points; it states taxpayers should NOT amend at this time.

For those that have NOT filed, some parts of TurboTax are updated, some are not. Plus, the IRS just made another change on 03/23 (regarding the AGI calculation to determine eligibility for the exclusion), so the program will update again for that. So, if you have not filed, the guidance from TurboTax is to wait while we get things finalized - which can't happen until they finalize the legislation. But you can still sign up to get the email when we are confident that TurboTax is ready to handle the exclusion as the IRS has prescribed it to be handled. The tax filing deadline has been extended to 05/17.

IRS News Release - New Exclusion of up to $10,200 of Unemployment Compensation This version was released today 03/24 and clarifies the changes in the MAGI calculation and NOT to amend. All 3 of the links included here will update with any future changes as well.

You can transfer your tax data file (with a filename extension .tax[year], such as .tax2019) only if you're switching a prior year return online in TurboTax Live Basic, TurboTax Deluxe, TurboTax Live Deluxe, TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed, or TurboTax Live Self-Employed. You can't transfer in the current return, but you can re-enter your 2020 tax data in the Online software if you want to, but I am recommending waiting until things are finalized before filing. @kaitybyrd