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

[maksud19]

HR block description says it takes a few seconds to import data from TT...

[Hagerr0822]

According to CNBC, a spokesperson for TurboTax said the update for desktop/CD users will happen on Friday:)

[Erilflynn]

But will it include the new inclusion released yesterday for filers with an AGI over 150K WITH their UI?

[Laffusrcu]

@Hagerr0822 

Source link ? 

[Hagerr0822]

https://www.google.com/amp/s/www.cnbc.com/amp/2021/03/22/turbotax-hr-block-update-software-for-10200...

Read toward the end. 

[confusingboat]

We're in the scenario where the UI puts us over 150k, but without it we're under. The new guidance from 3/23 isn't even included in the online version yet, which I just verified by working the UCE sheet manually using the generated 1040 with TTO, so I wouldn't count on it being included in the desktop update tomorrow.

[Cmtaxer]

MA is about to approve exclusion from MA tax for first $10,200 of UI, BUT only if your AGI is below 200% of fed poverty level. 

[Cmtaxer]

https://www.eagletribune.com/news/mass-lawmakers-reach-deal-on-tax-relief/article_546983fa-6f13-5565...

[Pakala41_]

When will turbo tax be updated to show the exclusion$10,200? Im trying to work on my sons return but it appears the software is not update.. Please advise.

Effie Shimabuuro

[bergdo66]

TurboTax online already has the new filing exemptions for unemployment income. why is the Mac version not up to date as well? 

[agnor69]

When is turbotax going to make changes on the desktop version. I would like to file our return. 

[Candle]

No update as of 5AM PT Thursday 03/25/2021.

[NeuroPsyche]

I check a few times a day and no update so far for TT local version, CD/DVD, as of Thursday, March 25th, 2021.

[jtolpin1]

Yikes.

A key provision allows workers who were unemployed last year or this year to exempt up to $10,200 in the jobless benefits they received from their state taxes, if their household income is below 200% of the federal poverty level.

200% of federal poverty level....

200% of the Federal Poverty Level Guidelines

1	$25,760	$2,147	$495
2	$34,840	$2,903	$670
3	$43,920	$3,660	$845
4	$53,000	$4,417	$1,019
5	$62,080	$5,173	$1,194
6	$71,160	$5,930	$1,368
7	$80,240	$6,687	$1,543
8	$89,320	$7,443	$1,718
Each Add'l	$9,080	$757	$175

 

[helen_feddema]

Does the household income include UI or not?