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ksjohnson86
Level 2

New Minnesota Tax Legislation

Minnesota just passed some major legislation exempting PPP loan forgiveness and up to $10,200 in extra federal unemployment benefits. As far as I can tell, TurboTax hasn't produced updates to reflect this -- when will these updates be available?

7 Replies
xmasbaby0
Level 15

New Minnesota Tax Legislation

MN updated its law YESTERDAY---TurboTax cannot update  tax law changes in the software overnight.   Read the information from your state which advises you to check back later in the summer.

 

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Omakakii
Level 1

New Minnesota Tax Legislation

Any idea of when these updates will take effect? I know a few other companies have already updated their software.

DoninGA
Level 15

New Minnesota Tax Legislation


@Omakakii wrote:

Any idea of when these updates will take effect? I know a few other companies have already updated their software.


Minnesota Department of Revenue website - https://www.revenue.state.mn.us/tax-law-changes

 

Tax Year 2020

If you filed a 2020 income tax return that included unemployment compensation or PPP loan forgiveness, we'll either adjust the return or ask you to amend it.  

  • If we can adjust your return: We'll send you a letter describing what we changed and any refund you may receive as a result. We're committed to adjusting as many returns as we can. 

  • If you need to amend (due to these law changes): Wait until you hear from us before filing an amended return. We'll let you know if we can adjust your return or if you need to amend it.

  • If you have not filed a 2020 return or filed for an extension: You may file using the updated forms to claim the recently passed unemployment and PPP loan forgiveness income exclusions and deductions.

ksjohnson86
Level 2

New Minnesota Tax Legislation

The M1NC form on TurboTax Premier is not up to date. It still includes some nonconformity items that the updated forms available on MN Dept of Revenue's website show as eliminated (e.g. Line 9, PPP loan forgiveness). I keep checking for updates on TurboTax and it says my forms are up to date.

Any suggestions?

 

MN Dept of Revenue updated M1NC: https://www.revenue.state.mn.us/sites/default/files/2021-07/m1nc_20_0.pdf

taxpayer95
Level 1

New Minnesota Tax Legislation

I concur. Currently unable to file my MN return because unemployment calculation is incorrect and form is outdated.

Intuit, please update ASAP or provide a workaround.

 

ksjohnson86
Level 2

New Minnesota Tax Legislation

I just spoke with TurboTax Support, and after digging some more they said there should be an update for those forms out next Wednesday.

taxpayer95
Level 1

New Minnesota Tax Legislation

I had spoken with support as well.

They told me there is no ETA.

Let's hope for Wednesday.

 

The calculations for COVID-19 related IRA distributions is also incorrect.

 

 

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