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TurboTax normally puts out weekly updates during tax season and the last one came out on the 18th, we need to wait for the next scheduled update.
Great question! I see the online version of Turbo Tax has been updated, but the software itself has not. It's been several days now. Not sure what the delay is or when it can be expected in the software.
I can't seem to enter anything in on Schedule 1, line 8
The field seems locked. When I click on it, it takes me to the 1040 form.
... I don't want the 1040 form, I need to put the exception on line 8, Sch 1 according to the IRS.
Is there some sort of secret way to edit a worksheet, form, schedule in TT?
You should wait until the CD/Download version of TurboTax has been updated to make sure you don't interfere with other calculations in the return. It should be very soon since the Online version has been updated.
@NeuroPsyche wrote:
I can't seem to enter anything in on Schedule 1, line 8
The field seems locked. When I click on it, it takes me to the 1040 form.
... I don't want the 1040 form, I need to put the exception on line 8, Sch 1 according to the IRS.
Is there some sort of secret way to edit a worksheet, form, schedule in TT?
Doing that can improperly affect 8 other taxes or credits that the tax law specifically said NOT to change. That is why software is needed to apply the credit without changing anything else. The IRS instructions are for hand filing a paper return - writing the line 8 on a piece of paper will not affect other calculations but doing it in software will.
Just want to say that I am as frustrated as all of you and I certainly wish we knew when the desktop update will be released.
But,
it might be better for all of you who are trying to figure out a manual work around to wait for the update.
You will not get your refund / Covid check any faster if your return is bounced back from the IRS.
I'd be interested to know which 8 other taxes or credits may be affected.
@msaaj wrote:
I'd be interested to know which 8 other taxes or credits may be affected.
Here is 7 - I forget what the 8th is.
@macuser_22- thank you. It is interesting the interaction between some of these credits and I do understand the need to make sure they get it right (although once you have it out in one version, it would seem like it wouldn't take that long to put it into other versions). In my return, we are not near the $150K threshold. But I do have a child in college and was planning to use either the Tuition and Fees Deduction or the Lifetime Learning Credit. My income is near the phase out for those two items. I will probably use the credit, but I am interested in the options and how this exclusion affects them.
@msaaj wrote:
@macuser_22- thank you. It is interesting the interaction between some of these credits and I do understand the need to make sure they get it right (although once you have it out in one version, it would seem like it wouldn't take that long to put it into other versions). In my return, we are not near the $150K threshold. But I do have a child in college and was planning to use either the Tuition and Fees Deduction or the Lifetime Learning Credit. My income is near the phase out for those two items. I will probably use the credit, but I am interested in the options and how this exclusion affects them.
All of those items depend on the AGI and the unemployment exemption changes the AGI. Those items must be calculated without regard to the unemployment change per the tax law.
I suspect that the delay in the desktop version is because desktop users must download and install updates on their computers and that can be very time consuming if yiu have a slow internet so they try to keep updates a a minimum and package many changes into one update - not piecemeal like they can do on their own online server. There is a scheduled update for the 1040X and other forms on the 25th, or 26th so probably the unemployment update will be in that.
When does TurboTax estimate the worksheet for the $10,200 unemployment exclusion will be available?
@middletoncece wrote:
When does TurboTax estimate the worksheet for the $10,200 unemployment exclusion will be available?
There is a software updated scheduled for 03/25. Wait for the update to see if the UCE is included.
If I am using TurboTax online, is there anything I need to do to add this deduction to my return, or is it automatically added? If it is automatically added, is there somewhere I can see the deduction?
Looks like folks can also sign up for notifications on this update too. https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...
Can you please be more specific regarding when TurboTax will reflect the update to exclude $10,200 in unemployment compensation?
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