10200 Unemployment Not Being Exempt

[hadesflames]

Now that TT has been updated for the 10200 unemployment directive I would expect my taxable income to be smaller. However it remains unchanged and I see that all of my unemployment benefits are being counted as taxable income. What's going on? (My total income even with unemployment is under 70k)

[NeuroPsyche]

Same here. TT has NOT changed it's program to allow for the 10,200 unemployment exception. According to tax code, from what I'm reading on the IRS site, the $10,200 amount needs to be added to line 8 of Schedule 1, as a negative amount, in parentheses. TT wont even allow me to add a negative amount in the Schedule 8, line 1, worksheet. Whats going on? 

[bchrist771]

That's because the GREAT TURBO TAX has not updated their software yet, even though I read on other post, that it should have happened on the eve of March 17, 2021.  We are all holding OUR BREATHS.  Brenda

[Hal_Al]

The update is expected by end of today (3/19/21)

[bchrist771]

I sure hope so, kinda of like saying "checks in them mail"  Brenda

[NeuroPsyche]

Yes, I hope they fix it soon! I'd like to get my taxes over-and-done with.

It's after noon, checked for updates, and still no go, no updates to the tax exception. agh... 

[NeuroPsyche]

I checked several times today for any updates and so far none...

I guess TT will wait truly until the end of 3/19 to release them. 

[NeuroPsyche]

TT released prior that they were going to have the 10200 UC tax exception updates released yesterday, Thursday but so far, as of today, Friday 3/19, they were not. 

I just fetched updates, which TT found no new ones, several times today, Friday 3/19. It's afternoon here in PA now, and no updates.

[hadesflames]

The thing is, I actually did get an update. I installed an update this morning that was released last night according to the software. And yet, no exemption...

[NeuroPsyche]

Yes, I did receive an update too this morning but it did not change any of the coding for Schedule 1, line 7 and 8. 

When TT updates you'll see using the Forms View, that changes were made to Schedule 1... they will have to be since the IRS says so on their website. 

[NeuroPsyche]

Just checked @ 4:30PM EDT  Friday, 3/19 and still no TT update to reflect the $10,200 UC tax exception 

Will TT have the update out today like they said? 

[AmeliesUncle]

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@Hal_Al wrote:

The update is expected by end of today (3/19/21)

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ProSeries got the update today.  While the Federal seems to be working well, the State returns that start with Federal numbers are NOT correct.  The states that already had it non-taxable are now double-deducting it, and the states that have it taxable are now incorrectly using the deducted amount.

So from that viewpoint, I hope TurboTax does NOT do the update until they fix things for the State returns.

[hadesflames]

This country is so beyond stupid. It's been an entire week since the directive was released and STILL NOT **bleep**ING UPDATE. Absolutely pathetic. **bleep**bag companies like intuit lobby millions of dollars to ensure they have this scam ass industry instead of just doing the sane thing of letting the IRS do our taxes for us like EVERY OTHER DEVELOPED COUNTRY IN THE WORLD. What do we get out of it? **bleep** all except having to deal with taxes every **bleep**ing year and the bill that comes along with it. These companies should all go bankrupt.

[NeuroPsyche]

TT announced that it would release the updates Thursday, 3/18.

TT then announced, without explanation, it would release the updates Friday, 3/19

It is now Friday, 3/19 @ 6:44PM EDT and still no updates.

I totally understand that things may not go 100% perfect in production but do NOT lie. 

Your promises to release the updates on 3/18, then 3/19, now have become lies. In concrete, all over media.

Be honest and give a date and keep it. 

People like me depend on HONEST answers. Not lies. 

TT lies just made me to elsewhere, look elsewhere because you now cannot be trusted to give truthful answers. 

[macuser_22]

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@NeuroPsyche wrote:

TT announced that it would release the updates Thursday, 3/18.

TT then announced, without explanation, it would release the updates Friday, 3/19

It is now Friday, 3/19 @ 6:44PM EDT and still no updates.

I totally understand that things may not go 100% perfect in production but do NOT lie. 

Your promises to release the updates on 3/18, then 3/19, now have become lies. In concrete, all over media.

Be honest and give a date and keep it. 

People like me depend on HONEST answers. Not lies. 

TT lies just made me to elsewhere, look elsewhere because you now cannot be trusted to give truthful answers. 

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For years TurboTax has done updates late evening or night (Pacific Time).    It is only 4PM where TurboTax is.

Of course, if an unexpected problem comes up, they will hold the update until it can be solved.