TurboTax update to 2021 American Rescue Plan

[maximgt]

The desktop update of the UCE was promised to be made by March 26th. Let’s hope!

[eremitic]

Any word on when the state forms will be updated - NY and NJ, specifically? Thanks.

[Koabpha]

Would like that refunded as I already filed under another name on the same account
Order number: [removed] Order date: Mar 16, 2021 Total charges: $170.00 Payment method: MasterCard *

[DGtax]

Today's release updated the UCE exemption for Federal, but NYS forms still shows the full unemployment amount.

[brianmoss]

Well, the product has been halfway updated. It's true that the desktop product is now calculating the unemployment deduction correctly, Turbo Tax will still not allow to you submit an amended tax return if you already filed your 2020 taxes. So, the update is useless at this point.

[DoninGA]

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@brianmoss wrote:

Well, the product has been halfway updated. It's true that the desktop product is now calculating the unemployment deduction correctly, Turbo Tax will still not allow to you submit an amended tax return if you already filed your 2020 taxes. So, the update is useless at this point.

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The Form 1040-X for tax year 2020 is included in the update and can be completed and filed.  Either e-filed if the original return was e-filed or printed and mailed if the original return was not e-filed.

[Lisabruce4129]

I also need to amend my taxes because I thought I put my grandson in and I guess I did not . he lived with me all of 2020.

[AERTAX]

When will we have the update? Thank you. Also how do I know when Turbotax is answering these messages?

[DoninGA]

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@AERTAX wrote:

When will we have the update? Thank you. Also how do I know when Turbotax is answering these messages?

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This a user community forum. Answers by TurboTax employees will have Employee included with their User ID.

The update for the software was released today.

If you have a Windows computer start the TurboTax program.  Click on Online and click on Check for Updates

Verify your version.  Click on Help>About TurboTax>Version.  The current version is 020.000.1688

[mandrak007]

Hi, I have a question. I received unemployment like many of you here probably, but I need to amend my taxes because I  need to put 1 W2 I missed. How should I proceed? Wait until the IRS is done with Unemployment and returning the money to us, and then amend with the new W2?

[geegecko]

Today's update doesn't change my ACA penalty for APTC. All of the values on the tax return are the same.

I thought the American Rescue Act waived ACA penalties.

Comments are welcome.

[craveking]

that's because it hasn't been updated to reflect the premium tax credit yet. 

[cmBarron]

"Today's update doesn't change my ACA penalty for APTC. All of the values on the tax return are the same.

I thought the American Rescue Act waived ACA penalties.

Comments are welcome."

@geegecko, for the online version, advice was to completely remove your unemployment income, then re-enter it. The same advice might apply to the desktop version. So, remove your unemployment, then save your file, maybe even exit from the software, then go back in and put your unemployment back and see if that changes anything for you. I removed my unemployment income a couple of days ago, and am just installing the update now. I can let you know if it affects my ACA penalty after I re-enter my unemployment.

[geegecko]

Thank you @craveking 

No unemployment income for me just the ACA PTC @cmBarron. Please provide an update when you enter your information

I thought the update today was supposed to include terms of the American Rescue Plan. Thank you both for your replies.

Can turbotax comment?

[cmBarron]

@geegeckoI put my unemployment back into TT after doing the update, and it worked perfectly. Pulled me back from the ACA cliff and now I don't have to repay the entire amount of my ACA advance discount and only have to pay back a small portion of it. My numbers look exactly like they did when I manually subtracted the excluded amount of unemployment prior to the update. I put the full amount of my unemployment it, and it shows on Schedule 1, Line 7. On Line 8, TT automatically put in the -$10,200 and labelled it UCE. Everything looks great. I am going to file today.