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Level 2

Question

TurboTax Update

Forum|Forum|5 years ago
March 17, 2021
5 replies
0 views

When will program update to reflect changes in American rescue Plan Act that excludes $10,200 as taxable income, allows for 2019 lookback for EIC and lastly allows for return of retirement account distributions due to COVID impact under the CARES Act? I am holding off filing my return until updates allow me to adjust information.

DoninGA

Level 15

The TurboTax software will be updated on 03/19 for the unemployment compensation exclusion.

The TurboTax software to include the Form 8915-E for Covid related retirement plan withdrawals was updated in all editions on 02/26/2021.

The look back to 2019 has been available for several weeks for EIC and the Child Tax Credit.

bouzyAuthor

Level 2

I will update my TurboTax program on 3/19 for the unemployment changes.

My drop down list only shows Forms 8915 A-T & 8915 B-T not 8915 E, I updated

my TurboTax this morning. What should I do?

Does TurboTax automatically calculate 2019 lookback income on EIC or do I have

to manually input?

DoninGA

Level 15

@bouzy wrote:

I will update my TurboTax program on 3/19 for the unemployment changes.

My drop down list only shows Forms 8915 A-T & 8915 B-T not 8915 E, I updated

my TurboTax this morning. What should I do?

Does TurboTax automatically calculate 2019 lookback income on EIC or do I have

to manually input?

You have to enter a Form 1099-R and answer the follow-up questions concerning receiving the withdrawal because of Covid-19 before the Form 8915-E will be shown in the Forms list.

If you have already entered the 1099-R delete the form and re-enter manually.

The software will ask you about EIC if you are eligible and will ask you to enter your 2019 AGI in the EIC interview

Khansenkhansen

Level 2

Does anyone know when Turbo Tax will be updating the software for the $3,000 or $3,600 child credit? I see unemployment updates on 3/19, but what about the child credit? Currently still shows $2,000 now.

DoninGA

Level 15

@Khansenkhansen wrote:

Does anyone know when Turbo Tax will be updating the software for the $3,000 or $3,600 child credit? I see unemployment updates on 3/19, but what about the child credit? Currently still shows $2,000 now.

The increased Child Tax Credit is effective with the 2021 tax return to be file next year, not the 2020 tax return.

Cindy4 12

Employee Tax Expert

The IRS is working on creating an online portal for the advanced credit, Powell said. The goal is to have the portal launched by July 1, Rettig said during the subcommittee meeting, but the IRS won't have the resources until after tax filing season ends.

Once the CTC portal is available, recipients can log in to update their information if their circumstances have changed. For example, if you have a child in 2021, the IRS wouldn't have that information on file yet, so updating those details could help you get a higher payment.

Child Tax Credit for $3,600: When will your payments come and how often? - CNET

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jpmcnaul

Level 2

OK, It's now March 20th and my Turbotax software on my desktop still hasn't updated for the Unemployment deduction. But the online version has updated. What gives about the desktop version??

paulette2

Level 2

I still don't see that Turbo Tax desktop has been updated to reflect changes in the taxability of unemployment. When is that going to be complete?

CarissaM

Level 15

Please follow the instructions here to manually update the desktop software @paulette2.

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jimvittal

Level 2

Turbo Tax last told me that 8915-E will be updated on 3/19/21, as far as I can tell that didn't happen, they said they pulled the form to fix it, looks like that date keeps pushing back, not everyone at Turbo Tax support has the correct answer.

DaveF1006

Level 15

According to Turbo Tax, when entering your 1099-R in TurboTax CD/Download, you’ll be asked Was this withdraw due to Covid-19? On the next screen, it should ask you Did you test positive for the coronavirus in 2020? However, some users are reporting they aren’t being asked that second question. Is this the issue you are experiencing?

We’re working to resolve this issue. If you’d like to receive progress status updates, sign up here.

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Linda L Bashjian

Level 2

i have not received any message nor update!

Linda L Bashjian

Level 2

Again, you have my last return! I gave you my information!

xmasbaby0

Level 15

@Linda L Bashjian This is the user forum. NO ONE has your last return. We cannot see your screen, your tax returns or your account. Please explain your question clearly so we know how to help you.

**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.**