New Exclusion of up to $10,200 of Unemployment Compensation

[DawnC]

It is updated in the Online software, but the desktop software is not updated yet.   You can sign up here to receive an email notification when it has been completed. 

The first $10,200 of unemployment payments are now tax-free for households with an annual income under $150,000.   If you’ve already filed your 2020 return, hang tight. The IRS will provide guidance on how you can claim these additional benefits soon.   @cwikston1

[solaria_galaxia]

I have seen several comments from folks here about an update coming later this week, but are any of these predictions from an actual authorized spokesperson of Turbo Tax?

Does anyone really know if an update is coming this week?

I am starting to think they updated the online version because it is probably easier to maintain, and they would like to push more desktop users to that format. Perhaps they think that providing poor service to desktop users will help with that.

I do not know, I guess one just must wait it out. I have always depended on this to get my taxes done and make sure I get my quarterly payments squared away. 

[jay2021]

I just read on CNN that Turbo Tax and H&R Block have updated their software to include the unemployment exclusion worksheet according to their spokes person. I"m still showing no updates on my software!!!! Also read that even though the filing date was pushed out a month if you still owe money April 15th might still be the day to get it in by.  So I would think your company would be able to get this situation rectified really soon.  Rethinking dealing with intuit for financial services.

[hugs4jesus]

Jay2021 - The online versions have been updated.  only H&R Block have updated their desktop version.  And April 15th is only for businesses, owing or not.  Personal taxes have been extended to May 17th, owing or not.

[Irene2805]

We are working on incorporating the changes to TurboTax CD/Download as quickly as we can.  You can sign up here to receive an email notification when it has been completed. 

The update for the unemployment benefits has been added to TurboTax Online.  Just enter the unemployment benefits reported to you on Form 1099-G and TurboTax will automatically subtract $10,200.
 

@solaria_galaxia

@jay2021

@hugs4jesus

[solaria_galaxia]

Are you an employee that speaks for Turbo Tax? Or is that just a cut and paste?

[Divot1955]

This works for getting info on 1040 And Schedule 1 Line 8. I hope this works.

TT Deluxe

Go to Federal Taxes. Wages and Income. Choose what to work on.

Less common income. Miscellaneous income 1099a 1099c

Start Miscellaneous Income. Go down to other reportable income.

Start. Other taxable income. Description Type UCE

Amount. The amount of unemployment compensation you received up, not

                 more than -10200.00 make sure to use the minus amount.

Continue Done

This will enter the negative amount and UCE on line 8 of Schedule 1

[Chrissymj]

This worked on TT Home and Business. Thank you!

[hugs4jesus]

Worked on Premier!  Thanks!

[EA12]

Did @Divot1955 's fix impact the state filing, Massachusetts does not excuse the first $10,200.

[Laffusrcu]

Message for Missouri Fillers : 

Dear Taxpayer,

Missouri does not have any provision requiring an addition modification for this amount.  If the federal legislation excludes this amount from federal adjusted gross income, then the federal adjusted gross income can be reduced on the Missouri return as well.

You will be required to file an amended Missouri return for any additional  the refund to be issued.

Thank you,
Tabitha Andrews
Missouri Department of Revenue
Customer Service Manager
Your feedback is important to us! Please take a moment to complete our Customer Satisfaction Survey. Please select State Taxation Division and Individual Income Tax.

[JamesG1]

@EA12

This TurboTax Help allows you to sign up for updates from TurboTax about this feature of the tax code. 

Nearly every state will have to respond to this mid-season change in the tax code.

[EA12]

Thanks James,

the problem is that TT does not send updates to your customers about the update for your desktop home and business software. No matter how many times you register!

there have been promised dates that have passed.

now there is thought that the update might be available on the 25th or the 26th but nothing definitive.

H&R Block has already updated their desktop version and kept their customers in the loop on the progress of their update.

You have customers on this chat link trying to figure out work arounds because they have lost faith in TT and feel abandoned.

People looking for the update are also those who have been greatly impacted by Covid with a loss of income.  If they don’t file their 2020 returns they can’t receive their Covid Relief $1400.00.

Attaching a message ....Asking those in this post to “thank” employees at the end of their post is probably a bit tone deaf on TT’s end.

We do appreciate a response but TT ‘s lack of communication regarding a firm and truthful delivery date on the update to the desktop software is incredibly frustrating!

@JamesG1 

[Jimksr]

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

[JeffreyR77]

Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment. 

If you haven’t filed your 2020 taxes yet and would like to receive progress status updates, please sign up here.