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bouzy
Level 1

TurboTax Update

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.

29 Replies
DoninGA
Level 15

TurboTax Update

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.

 

 

bouzy
Level 1

TurboTax Update

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

TurboTax Update


@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
New Member

TurboTax Update

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

TurboTax Update


@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.

Reba12340
Level 1

TurboTax Update

It was stated that part of the increase in the Child Tax Credit would begin in the summer. They will start making payments in July/August so you don’t have to wait until next year for the full amount. Part of it will come this summer in payments and the rest will come next year when you do your taxes. It is a 1 time increase, unless it is eventually pass into law permanently.

 

Jennyhealthins
Returning Member

TurboTax Update

today is 3/19 but my software still not update the Unemployment credit of the first $10,200 any body have problem like me or just me.  Please advice.

Reba12340
Level 1

TurboTax Update

H & R Block already made the update available I just filed mine with them instead. You can import your taxes from last year too to simplify things. 

jpmcnaul
Level 3

TurboTax Update

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??

gmunoz1999
Level 1

TurboTax Update

When will the unemployment exclusion will be update in the program I see replay the 18 the 19 and still its not updated?

cadcock004
Level 1

TurboTax Update

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

jimvittal
Returning Member

TurboTax Update

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
Expert Alumni

TurboTax Update

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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paulette2
Level 1

TurboTax Update

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?

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