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NeuroPsyche
Level 3

TurboTax, did you update for the 10,200 unemployment tax exception?

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? 

Thank you

 

14 Replies
bchrist771
Level 2

TurboTax, did you update for the 10,200 unemployment tax exception?

I want to know the same thing, this issue is the only thing keeping me from finishing and filing my taxes.  Brenda

Hal_Al
Level 15

TurboTax, did you update for the 10,200 unemployment tax exception?

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

fanfare
Level 15

TurboTax, did you update for the 10,200 unemployment tax exception?

make a note of your tax due before the change.

when it drops about a thousand, or more (if you got 10,000 or more of unemployment), you'll know.

bouzy
New Member

TurboTax, did you update for the 10,200 unemployment tax exception?

I just did a TT update, today Sunday 3/21 @4pm. Unemployment did not adjust 10,200 and my taxes remain the same. When is TT actually going to adjust their program?

Hal_Al
Level 15

TurboTax, did you update for the 10,200 unemployment tax exception?

3/19/21 turned out to be just for  the online software.  Downloads/desktop is now expected 3/25/21

jboger35
New Member

TurboTax, did you update for the 10,200 unemployment tax exception?

ok  It is March 25th and I dont see an update for the download software

CatinaT1
Employee Tax Expert

TurboTax, did you update for the 10,200 unemployment tax exception?

This has been updated with todays update.

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mmmttt07
New Member

TurboTax, did you update for the 10,200 unemployment tax exception?

It is now 4/2/21 and still no update!  Is anyone giving out correct information????

Cynthiad66
Employee Tax Expert

TurboTax, did you update for the 10,200 unemployment tax exception?

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.

 

Unemployment FAQs

How will unemployment benefits affect my taxes?

When will this update be reflected in TurboTax? When can I file my taxes?

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.

VolvoGirl
Level 15

TurboTax, did you update for the 10,200 unemployment tax exception?

@Cynthiad66   Better checks those links.  They go to the 3rd Stimulus.

jboger35
New Member

TurboTax, did you update for the 10,200 unemployment tax exception?

The update has been done.

LinaJ2020
Employee Tax Expert

TurboTax, did you update for the 10,200 unemployment tax exception?

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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John Lewis 07
New Member

TurboTax, did you update for the 10,200 unemployment tax exception?

please let me know how to file update for the 10200  unemployment tax exception on tubotax  

JeffreyR77
Expert Alumni

TurboTax, did you update for the 10,200 unemployment tax exception?

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.

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