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bwk1
Level 1

Unemployment exemption

I'd read that Turbo Tax had updated to reflect the change in the American Rescue Act exempting the first $10,200 in unemployment compensation.  I am currently waiting to file until that change is made in the software.  Just reopened my return today and installed all updates but the amount of my return did not change even after revisiting those sections of the tax return.  Anyone got an idea on this?  Has Intuit not updated the software yet (I have Home and Business) or are there situations where that exemption would not apply or do I need to do something in particular within the app in order to get it to recalculate?

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2 Replies

Unemployment exemption

Is your AGI more than $150,000?

bwk1
Level 1

Unemployment exemption

No, far less than $150K for TY 2020 in fact. 

 

Update: I just went into "Forms" mode on TT and verified that 10,200 was in fact exempted in Schedule 1.  It just made for a smaller change in the refund than I had been expecting.  Thank you for replying to my post.

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