topic Unemployment exemption in Deductions & credits

Unemployment exemption

bwk1 — Fri, 02 Apr 2021 19:57:53 GMT

I'd read that Turbo Tax had updated to reflect the change in the American Rescue Act exempting the first $10,200 in unemployment compensation. I am currently waiting to file until that change is made in the software. Just reopened my return today and installed all updates but the amount of my return did not change even after revisiting those sections of the tax return. Anyone got an idea on this? Has Intuit not updated the software yet (I have Home and Business) or are there situations where that exemption would not apply or do I need to do something in particular within the app in order to get it to recalculate?

Re: Unemployment exemption

Bsch4477 — Fri, 02 Apr 2021 20:31:12 GMT

Is your AGI more than $150,000?

Re: Unemployment exemption

bwk1 — Fri, 02 Apr 2021 21:08:37 GMT

No, far less than $150K for TY 2020 in fact.

Update: I just went into "Forms" mode on TT and verified that 10,200 was in fact exempted in Schedule 1. It just made for a smaller change in the refund than I had been expecting. Thank you for replying to my post.