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gecko2020
New Member

Is TT updated to reflect that Minnesota has passed PPP conformity? If not, when can we expect that it will?

 
6 Replies
SteamTrain
Level 15

Is TT updated to reflect that Minnesota has passed PPP conformity? If not, when can we expect that it will?

@gecko2020 

 

No, it isn't updated yet.  And it won't be until at least a few weeks after the Minnesota DOR decides how they are going to deal with it software-wise. 

 

A part of the MN DOR notice indicates that for already-filed tax returns, they "might" deal with it automatically ..OR...they might send you a letter asking for an amended MN tax return.   (See the link at the bottom of this post)

 

For the other taxpayers who haven't filed yet, the DOR has to figure out how to program their own computers first...THEN tell the software companies how/where it will be implemented...that could take a couple months.

__________________________________________

Read the following MN DOR notice carefully:

 

https://www.revenue.state.mn.us/tax-law-changes

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
gecko2020
New Member

Is TT updated to reflect that Minnesota has passed PPP conformity? If not, when can we expect that it will?

@SteamTrain Thanks - I had read the DOR website previously, and it was not satisfying.  My challenge is I filed an extension, but I would like to get the refunds I am owed sooner rather than the much later it seem like it might take to get the software updated.    

 

The state tax interview says:

Select all of the adjustment items below that apply to you:

 - big list of stuff

 - Paycheck Protection Program loan forgiveness

 - More stuff

 

Since the Paycheck Protection Program loan forgiveness conformity in  MN has been passed and the adjustment no longer applies, how about just not checking it and not reporting the forgiven PPP loan?  I think our state taxes come out correct then.  

 

 

SteamTrain
Level 15

Is TT updated to reflect that Minnesota has passed PPP conformity? If not, when can we expect that it will?

Don't know.   I'm no help for that situation.    You'd need someone who specializes in MN software to see what unintended consequences there might be for doing something like that. and unfortunately, it appears that none of the tax helpers in this public forum have the actual MN software to see what would happen if you attempt to do that.  

 

You could always call Customer Support, but they may only be able to advise waiting for the software to get updated after the DOR tells TTX how they want it handled.  (Try not to blame the software companies for the tax chaos the Federal and state governments are causing this year)

 

What is the TurboTax phone number? (intuit.com)

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
gecko2020
New Member

Is TT updated to reflect that Minnesota has passed PPP conformity? If not, when can we expect that it will?

@SteamTrain 

 

Appreciate your responses - looks like I might just have to wait.  I agree the the govt entities are to blame for he chaos - the software companies are just trying to keep up.

fanfare
Level 15

Is TT updated to reflect that Minnesota has passed PPP conformity? If not, when can we expect that it will?

Don't file an incorrect tax return.

Particularly, don't fudge one line on your return because you expect some other line in future to make up the difference.

That's just not going to work.

gecko2020
New Member

Is TT updated to reflect that Minnesota has passed PPP conformity? If not, when can we expect that it will?

@fanfare 

 

Agreed - will file with the current software correctly to get the refunds and them file amended when the updated software is available.

 

Thanks everyone for chiming in.

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