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Can I just understate the amount of Unemployment Compensation (Box 1 on 1099G) received by $10,200?
@ccblackbu No, as discussed in this forum above, you can not do that. Wait for the software update if you use a TurboTax desktop version.
the IRS tells us how to submit. the waiver for UI taxes and gives us a work form but turbo tax won't let us change the form. Do we have to submit by hand and will turbo tax refund the payment for their tax software. Pretty expensive to require a work-around.
WAIT for UPDATE
Yes, this is the last year for me with TT. I'm done with them.
After so many false promises and NOT even a way to change the Schedule 1, line 7 & 8, it's totally rediculious.
I'm trying to enter on line 8 as the IRS says and turbotax wont let me. It takes me to the 1040 form, then back again.
It's ridiculous. Just my opinion.
After >10 years of TT Home and Business with doing taxes for over 20 people they let me, and those 20+ people down. Everyone is coming to me that I do taxes for wanting their $10200 exception A.S.A.P. and I can't do it. And so far I don't even know if TT will let one manually modify schd 1.
Maybe there is a way but I can't seem to find it.
One would think that would be a logical way of doing things, and it would come up to the same result.
I was thinking of doing the same thing 🙂
I wish Intuit would.
They announced that they'd release an update on Thursday, then they said Friday.
Then I believe they said, but i'm not sure, by Monday. But for the local runtime version, which I have Home and Business, it's still not fetching updates.
I even went to their website for downloading it again and it's still the same version I have. So, the full install build form what I can tell wont work.
Just talked to TurboTax Twitter support and they informed me no ETA update for Desktop Versions yet !
Yes, I guess for people that only use TT once and done it would be good.
i'm in it 24x7 doing taxes for others and in it almost all day. Everytime you load up a tax form it looks for updates.
So... the email really is redundant for me.
Really Intuit ! You have Lacert which is an awesome program and you can't update Intuit TurboTax local runtime? Thats really bad!
The IRS sent instructions as you had provided with the link....WHEN WILL TURBOTAX have the update available???????????? I have been on hold for almost an HOUR!!!!!
Any updates yet on when Turbo Tax will have the unemployment exclusion for 2020 ready?
People are saying March 25 or 26 will be an update. Not sure if it will be the 10,200 one. I still don’t understand why someone from Intuit doesn’t put out a statement explaining what is going on and when it will be completed. I would think they would want to keep their customers happy. No communication isn’t good at all!
WHEN WILL TURBO TAX BE UPDATED TO REFLECT IT AND HOW WILL WE KNOW IT'S BEEN DONE SO WE DON'T HAVE TO KEEP CHECKING BACK???
March 25th ***UPDATE**** This was brought to my attention!
While this will exclude the unemployment from the AGI, the Rescue Act specified 8 other tax and credit calculations that depend on the AGI were NOT to be affected by the Act.
In other words, simply entering this way can make 8 other calculations inaccurate. That is why it must be done in the software so those other calculations will use the AGI without regard to the change of the Unemployment Compensation Exclusion.
(The IRS worksheet was for paper returns and entering the change in a piece of paper will not change other calculations, but entering as misc income will change anything that depends on the AGI.)
The following 8 areas are NOT to exclude the Unemployment Income from the AGI and therefore, the below direct input instructions into the TT software is NOT advised:
Social Security
Savings Bonds
Adoption
Retirement Savings
Interest Education Loans
Tuition Expenses
Passive Activity Losses & credit limits
Certain State Returns
Original Message:
This is how I see to do it ONLY if the IRS is NOT requiring the "Unemployment Compensation Exclusion Worksheet-Schedule 1, line 8 to be filed with the return. If the worksheet is required to be filed with the tax return, we must wait for the Turbo tax update and the form.
Schedule1 Line 8...click the magnifying glass to go to supporting form...
1040 Part 1 Additional Income line 8....click the magnifying glass to go to supporting form....
Other Income Statement Line 8 Statement L8....scroll down to line 22 and enter "UCE" and in the appropriate column(s) the answer from line 10 of the "Unemployment Compensation Exclusion Worksheet-Schedule 1, line 8 from this IRS instruction found here:
There is no information on downloaded software or where to get the information worksheets to attach, how do I get it? I have the downloaded turbotax
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