topic Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment benefits an individual received in 2020 are not taxable? in Retirement tax questions

Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment benefits an individual received in 2020 are not taxable?

TheJobDr — Wed, 17 Mar 2021 01:34:01 GMT

This was signed into law in the last week - has the online TurboTax software been updated yet to incorporate this?

Re: Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment benefits an individual received in 2020 are not taxable?

xmasbaby0 — Wed, 17 Mar 2021 01:35:20 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: Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment benefits an individual received in 2020 are not taxable?

pfk93 — Wed, 24 Mar 2021 12:44:19 GMT

I saw some news that the update was supposed to be available last Thursday, 3/18, but as of today, 3/24, I have not gotten any upgrades when I open TurboTax Premiere.

Re: Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment b...

Irene2805 — Wed, 24 Mar 2021 13:13:42 GMT

We are working on incorporating the changes to TurboTax CD/DOWNLOAD as quickly as we can. You can sign up here to receive an email notification when it has been completed.

@pfk93

Re: Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment b...

Tim1234 — Wed, 24 Mar 2021 15:39:24 GMT

I understand that your online version has the update already but those of us that pay GOOD MONEY for the download version are STILL WAITING. What is up? This is highly irresponsible.

Should all of us with this situation use another tax software company next year?

Re: Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment benefits an individual received in 2020 are not taxable?

TheJobDr — Wed, 24 Mar 2021 15:44:07 GMT

How do we know that the update is in effect?

Re: Has turbotax updated for the new 3/14/2021 tax provision that up to $10,200 of unemployment b...

ThomasM125 — Thu, 25 Mar 2021 00:31:01 GMT

You will see a negative amount on line 8 of schedule 1 that will represent the amount of your exempt unemployment income when the adjustment is in effect.