From what I read you were to release an update to TT on Thursday evening, yesterday, March 18th, to reflect the IRS covid recovery unemployment tax exception of $10,200 per person. Both myself and my spouse had unemployment income. Today, Friday, March 18th, 2021, I forced TT to fetch updates but our numbers did not change. According to IRS release the exception of 10,200 per person is supposed to be entered on Schedule 1, Line 8, as a negative amount in parentheses. TT wont even allow me to do that. All the fields seem locked.
Are you updating this software or do I need to go elsewhere to file my taxes?
If you are updating when will the updates be released?
This is updated. Also, keep in mind that the TurboTax has to update according to IRS guidelines for the systems to work cohesively. We must wait for IRS to finalize procedures for TurboTax to be able to update our system. However, this is updated and you should be able to use the software to exclude the Unemployment compensation. You should delete the form 1099G and enter again.
If you haven't filed your 2020 tax return, yet, go ahead and do so. TurboTax will guide you through claiming these additional unemployment benefits.
It has been updated. Please update your program:
- If you are using the TurboTax CD/Download software program, open the program, from the top, under Online, select Check for Updates.
- If you are using the online version, it's an automatic update when you sign in and out.
If you have already filed, you do not need to file or amend unless the calculations make you newly eligible for additional federal credits and deductions not already included on the original tax return.
For details, read here: IRS update on unemployment compensation
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TurboTax has been updated if you have not already filed with unemployment income.
It is possible your state may not be updated yet as some states have not yet determined their position regarding the Federal exemption of the first $10,200 of benefits.