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
I want to know the same thing, this issue is the only thing keeping me from finishing and filing my taxes. Brenda
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.
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?
3/19/21 turned out to be just for the online software. Downloads/desktop is now expected 3/25/21
ok It is March 25th and I dont see an update for the download software
It is now 4/2/21 and still no update! Is anyone giving out correct information????
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.
@Cynthiad66 Better checks those links. They go to the 3rd Stimulus.
It has been updated. Please update your program:
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
please let me know how to file update for the 10200 unemployment tax exception on tubotax