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

[njbod]

how did you find the change my return has not upgraded still does not show the waiver

[njbod]

what did you do to get it to work? I have a Mac download

[Mark173]

March 26, 8:52am I downloaded and installed the latest TT update and it automatically recalculated my Fed and State taxes.  Fed refund nearly doubled!  I already e-filed my Fed tax return and received a refund before the new stimulus law was passed; guess I'll have to wait for the IRS to issue me another refund for the difference.

My Michigan return changed from owe $35 to $355 refund!  I have not yet filed my Michigan return which I'll do by mail.  This is interesting because Michigan taxes the full amount of UI benefits, however; since the Michigan return starts with the Federal AGI (which is now $10,200 lower) my total Michigan tax base is $10,200 lower.  This could have also moved me to a lower tax bracket; I'll have to check that.

BTW, I have the CD version of TT Home & Business software.

TurboTax - There is an error on the first page (the summary page) that prints out.  Although the Fed 1040 forms are corrected for the $10,200 UI tax waiver, the "amount to be refunded" on the summary page still shows the original (uncorrected) amount.  Turbotax will need to fix this in a future software update.

[njbod]

glad its working for you I can't find any update to start the process

[Candle]

MAC Download, I started up TT this morning and it downloaded the update.

It seems it also included the update for UI Exemption if your unemployment income is what pumped you over $150k. Had an AGI of about $165k, and still got the UI exemption. Yay! Thank you TT.

[Laffusrcu]

Finally update is out !!!! 
My federal went up !!!

and my state went up ..nice !!!

im getting ready to file amended with state of Missouri . That’s what MO Department of Revenue  told me at least 

[Laffusrcu]

I guess I habe to wait for TT to roll out the update on Amending Taxes 

[Candle]

For Mac download, all I did was open Turbo Tax this morning and it asked me to update, and I did. Try closing and reopening it?

As for amending a return, the IRS has said not to do that, that they will automatically credit you what you are owed. YMMV.

[Erilflynn]

Thanks Candle!  Like you my UI put me over the 150K threshold!

[Laffusrcu]

I was trying to amend state taxes but it does not let me . It’s keeps asking the date I amend the federal which I’m not planning to do . 
Do we have to wait for more information update from TT 

[NotAnExpert3]

Why is my NY state tax saying that I owe money back if all I made was unemployment and I paid my NY state taxes. 

[Jimksr]

Mines working great, federal went down, state refund went up. Thanks TurboTax. All we had to do is be patient

[jeshu]

So what are we supposed to do if we already filed? Now according to TT my refund more than double and I would qualify for the third stimulus. When I initially filed my AGI was higher, now it dropped by 10,200.

[Erilflynn]

TT updated CD version like everyone said after I updated software... for those waiting on NYS I just got off the phone with them...for non resident IT 203 filers they say to match line 14 (UI) with your federal Return and to file Form IT 558 with the amount on Line 19A

[msaaj]

@Erilflynn

  I file NY taxes but in-state.  Does your last post mean they told you to use the exclusion on your NY return and therefore will get the benefit for your NY state taxes?  If so, that is a big wow from me and the first I have heard of NY saying that.