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

[amreddington]

I read online that Turbotax was suppose to be updated today 3/19/21 to reflect first $10,200 of unemployment money. I just checked and hasn't been updated. Any ideas when it will be?

[claudia174]

The people who are part of this conversation were asking about the TT software update in regards to the waiver for the unemployment claim benefits up to $10,200. We are all aware that the government and IRS already approved it - the President signed the new bill.

HR Block already updated their software. It is posted on their website and users are able to claim the waiver already. Turbo Tax announced that they are implementing the upgrade on Thursday night - Friday morning which is today March 19. 

However the question is: It is not updated yet. 

This is a learning curve for people like me who used Turbo Tax for a long time:  Years.

When people are unemployed through no fault of their own, basically getting money from the government and relying on the waiver - is frustrated.  We just hope TT IT  people can stead fast their responsibility as million users are relying on it. 

[BillM223]

Yes, the reported date for the update is Friday March 19th (which is not over yet), however, TurboTax will release it when it is right.

If you like, sign up at the link in this TurboTax Help article to be notified of updates.

[Suttonl61]

My refund has changed to reflect the exclusion of the $10,200 from unemployment.

[cloudywithachance]

My daughter just checked hers in TurboTax Free File and it also reflects the $10,200 exclusion now.

[Lenny22]

It looks like the IRS has provided the Unemployment Compensation Exclusion Worksheet – Schedule 1, Line 8 to figure the exclusion.  When will Turbo Tax update their software to allow for the credit.  TY

[kategordon]

Turbo Tax still dosent have the forms ready or form what ever it is we are waiting on. I just checked....be patient everyone spose to be implemented today so lets look toward tommorow morning!!!

[DawnC]

The updates have not been completed yet.  You can sign up here to receive an email notification when the changes have been fully implemented into TurboTax.  We are ensuring that the $10,200 of unemployment income gets excluded from taxable income using the IRS's accepted method.   Although you can go in and manually exclude the income without waiting for the update, we recommend waiting for the update to prevent long delays in processing and possibly having to file an amended return later.   

For state returns and unemployment income, please see How is my state taxing unemployment income?   @kategordon

[Hagerr0822]

Has the $10,200 tax exemption been updated in TurboTax?  I have a CD and loaded it on my iMac.  I saw last night some people said theirs was updated.  Thanks!

[CrisDean]

Ours updated on the website last night.  Filed about 9:15pm EDT was accepted overnight before 2:30am EDT.

[AC71]

What version? I have 2020 Home and Business and no update as of 7:00 am this morning.

Turbo Tax any ideas when this update is going to be released?

[Hagerr0822]

Did you load the software through a CD?  I did and have an iMac.   Mind has not updated.   

[CrisDean]

@AC71  this is what it says on our receipt "TURBOTAX ONLINE DELUXE TAX YEAR 2020 PREP"...IDK if that helps tell you the version.  I just go to the site and file every year...I never paid much attention to the version. Sorry!

Edited to fix the tag...sorry!  It's really early here LOL

[AC71]

I did download from website, no cd 

[NJTaxPayer007]

I am using the digital download of Turbo Tax Premier 2020.  I have been checking for updates daily. Hoping  that the newest update will include a fix for the $10,200 unemployment exclusion.  I see that last night the TT online version updated to exclude the qualifying employment. 

However, after checking for updates on the digital version this morning there are none.  My return still reflects taxes on the full unemployment.

Is there a time line for when updates will be available for the digital versions of Turbo Tax?