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

[kdn]

When will TurboTax update the software with the new IRS guidance on the $10,200 unemployment deduction. The TurboTax blog said March 18th, but it's now March 19th and still no update.

Thank you,

kdn

[philmckracken911]

 In Lacerte it’s on screen 3 which is miscellaneous information along with The virtual currency question and direct deposit of refund or electronica payment information. 

[Sdeat003]

I received an email from TurboTax that stated that they expected the updated software to be in effect today.. 3/19/2021. Fingers crossed but sounds like it's almost ready. 

[Ang B]

I'm still not seeing any change, or any checkbox as you mention, in the online Deluxe version.  

[Laffusrcu]

TurboTax Premier no update as of now 

[Ang B]

Definitely not showing up that way for me yet, in the online version.

[GeorgeHarrisonTaxMan]

Same here I purchased Turbo Tax Premier, and I still do not have the update for the tax exemption on the first $10,200 of Unemployment compensation.  It is now 1:15 PM Eastern Standard Time on 3/19/21. .....I thought this update was promised today!....if so, when exactly?

[Ang B]

I am most frustrated by the lack of communication.  I paid extra for the first time this year for the "expert advice/review."  Today, when I log in to review my return, which has a 1099G (unempl compensation) form uploaded, my "expert review" says:   "We've done your review. Now, you can file with confidence."  What in the heck?  There is no message nor any indication that with a 1099G in my return, I should hold off for an update.  So if I had my head in the sand and was unaware of these changes, on my own, TurboTax has nothing on the welcome screen, at the end, on the 1099G entry screen, or through my "expert review" that I paid extra for, to make me aware from TT.  So much for relying on "expert review."   I have the online version, fyi.

[belowjobs]

Turbotax said it will get implemented yesterday evening. No update yet on that and still not updated on their site.

[claudia174]

H & R BLOCK already updated their software. 

The $10,200 waiver is adjusted when you file your tax return to them. 

WHY is Turbo Tax not updated their software yet? 

[Ang B]

Wow. No words.

[DawnC]

We are working on updating TurboTax to account for the recent legislation.   You can use the link below to sign up for an email notification when it has been completed.  We do not have a scheduled date for the completion of the update, but these changes are the top priority at the moment.      

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments is now tax-free for a person with an annual modified adjusted gross income of less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020. 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.   @claudia174

[kmg2005]

When will we know when the unemployment forms are updated?

[Zaszu]

Thank you DawnC this is exactly what we were looking for!

[DawnC]

You can sign up to receive an email notification.   We will send out an email to everyone who has signed up when the updates are finalized and ready to go in TurboTax.  @kmg2005

We are updating the program so that TurboTax handles the exclusion as the IRS guidance outlines.  That guidance can be found here for anyone that is interested to know how it should be reflected on Form 1040.