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

[Pakala41_]

Is the software updated to reflect the $10200 exclusion. 

[Pakala41_]

As of now without the update it is included

[MRoles]

@macuser_22 

Thank you so much for the information!   

For my return, the only area of concerned is Form 8962 (PTC)

Is your list all inclusive? 

The return does not involve:

-Prize and Awards

-Social Security

-Savings bonds

-Adoption

-Retirement Savings

-Interest Education Loans

-Tuition Expenses

-Passive Activity Losses & credits limited 

The Federal AGI is carried over to the Maryland State Return and therefore, the new Form502LU currently being produced by the Maryland Controller of The Treasury will not be needed because the exclusion was not exhausted and less than the allowable $10,200.00....no additional exclusion needed.

Again, thank you!

[MRoles]

@Divot1955 

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

[bergdo66]

The update is available on the web version of Turbo tax already, for a week now.

[NeuroPsyche]

Yes, I know. 

I don't know why that same update cant' be done to the CD / local runtime of TT?

I can only assume that TT wants to make those that buy the CD version to go to the cloud version since it is more $$$$ for them (no CD, no production, transpiration, royalties, wholesale costs, etc) .. .They want to cut out Staples, Home Office, Walmart, Target, the local stores. They'll get 100% of all the money. 

[drwyatt1976]

You are correct of course about cutting out the resellers.

As a software designer though I can say that the online code is in a different language than the CD code.  And it takes a long time to unit test every feature of a software suite, plus record all the videos...

I suspect Intuit was caught with thier pants down as they transition to cloud based JAVA / HTML code and away from PC based Microsoft .NET code.

I suspect they simply do not have the resources to make this change to thier CD code suites in a timely fashion.  They probably already cut those people for the year.

They would be smart to just say so and publish where they are in the upgrade cycle.

DRW

[jtolpin1]

There are 2 updates however.

1) The $10,200 gets taken out of the tax determination.

2) Unemployment does not count for AGI determination.

However, it seems that unemployment DOES count against tuition/fees (as an example).

Im going to be better off since I wont have to pay taxes on a lot of my unemployment, but if I have to include all of my unemployment for wages, than I cannot take advantage of tuition/fees becuase Im over the threshold.

We shall see how it rolls out. when both parts are complete,.

[NeuroPsyche]

Yes, you're right.

Although the logic would be the same. 

I'm not as versed in languages as you as I never got into java. I'm the C's, .net, assembly and machine which no one does anyone but it's fun to peek and poke around. It's amazing what some memory locations do 🙂 

[EA12]

Did they release the $10,200 update for desktop version today?

[Laffusrcu]

Yes im wondering too if they release update today . I’m at work all day no time to check ! 
Did not Someone posted from CBC news about update coming tomorrow based on TurboTax spokesman 

[Anonymous]

Why can’t TT give the online version free to those who paid for the useless TT MAC desktop version? Why not because of greed they hope people will buy the online out of frustration. Greed on the backs of those who need the money during a pandemic 

[Hagerr0822]

Let’s all hope that the update that we are waiting for happens tomorrow.  According to CNBC a couple days ago (per spoke person for TurboTax), it will be tomorrow.  I wonder if we will wake up to this update or will be done sometime throughout the day or not at all.

If mind works tomorrow, I will post here.  I have a Mac and used the CD for the program. 

[NeuroPsyche]

You hit that right on the nail. Greed. 

There is absolutely NO reason why TT doesn't have the updates. Their other cloud based software does. 

They want to FORCE US to use the cloud version so the retailers can't sell it, and TT makes 100% of the profits.

Buying direct. 

I'm DONE WITH TT.

... after this year.  🙂 

I already paid for it and gosh, i'm going to use it! I bought the $129 dollar version of Home and Business, for myself, family, and about 20+ others I do taxes for, for a measly $20. I'm not in it to make money, just help people and pay for the TT f'n software, that DOES NOT WORK! 

[EA12]

I am on a Mac and received NO updates today for my TT desktop software.  Anybody else get an update?