TurboTax update to 2021 American Rescue Plan

[Dbotelho]

I have already filed my taxes and have not yet received a refund, will I need to amend my 2020 taxes with this new Americn rescue plan?

[DoninGA]

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@Dbotelho wrote:

I have already filed my taxes and have not yet received a refund, will I need to amend my 2020 taxes with this new Americn rescue plan?

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The IRS requests you do Not amend the 2020 tax return at this time for the UC exclusion.

IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance.

[JH104]

The last posting I saw indicated that TurboTax has been updated to reflect the exclusion of the first $10,200 of unemployment benefits that was included in the American Rescue Plan.  However, my version of TurboTax does not appear to be excluding that amount even though I just updated to the newest release today (3/22/21).  Have the modifications for this change been released?  If not, when do you expect the release to be available?

[craveking]

apparently, it has only been implemented in the online version. Desktop to follow.

[wilberthardwell]

Will those who uses the CD version to file see a update download?

[wilberthardwell]

Will the CD version users see an update download?

[ossysprog]

If you wait long enough.....

[emo23]

Why aren't the turbotax folks giving us an exact date on when the desktop versions will be updated???  

[Aruvy]

Online version is already updated. The desktop version update might be ready this coming Friday 3/26/21

[wilberthardwell]

So when you insert the disk, it will automatically update?

[emo23]

No.  When they do release the update for the desktop software versions, you will get that update by going to the "Online" menu (within the software) and then click "check for updates".  It should automatically download

[ossysprog]

You can used the Online Pulldown, then click Check for Update.  

If you installed with default settings, TurboTax will check for updates when you start the program.

[JimHigson]

The IRS has published how to report the $10,200 Unemployment Compensation Exclusion. How do I override Turbo Tax Schedule 1 and 1040 line 8 to report on my Turbo Tax Return? 

[ReneeM7122]

No, when you insert a TurboTax disc, the software doesn't update automatically.  You'll need to update it manually.  Do to this, go to the Online menu and select Check for Updates.

Here is a TurboTax article about the American Rescue Plan.

@wilberthardwell

[poppy345_]

Has TT been updated for the American Recovery Act on March 23, 2021 ?