TurboTax update to 2021 American Rescue Plan

[craveking]

I went over the cliff as well but ARPA eliminates paying back all of the excess advance tax credits. This has not been addressed in TT yet.

[vjcinajr]

Just got off the phone with TT support. The desktop version of TurboTax Deluxe on the Mac has not yet had the UI updated and does not show or apply the unemployment credit. I was told to keep checking. They also sent me a link to the status for the states and for NY the update is not available yet.

I was told to keep checking for updates on a daily basis.

[cmBarron]

"I went over the cliff as well but ARPA eliminates paying back all of the excess advance tax credits. This has not been addressed in TT yet."

@craveking  Are you saying I shouldn't have to pay back any of the ACA advance credit?! Should I hold off on filing longer?

[ball137]

Yes, you should wait.  The repayment holiday for 2020 is not programmed in yet.

[craveking]

exactly.

[craveking]

"For 2020 tax years, the provision requiring individuals to repay excess premium credits they received during 2020 has been eliminated. This means individuals who did not correctly estimate their income levels for 2020 and who received excess advanced premium credits during 2020 will not be required to pay those premiums back when reconciling the credits on their 2020 tax return."

[eremitic]

@vjcinajr can you share the state status link you were given? Thanks.

[DoninGA]

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@eremitic wrote:

@vjcinajr can you share the state status link you were given? Thanks.

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See this TurboTax support FAQ for state unemployment status - https://ttlc.intuit.com/community/internal-revenue-service/help/how-is-my-state-taxing-unemployment-...

[eremitic]

Thank you!

[MB317]

As of 3/26/21, my Turbo Tax CD is updated now.  Since the update (this morning) it automatically subtracted my numbers for the $10,200 Unemployment Benefits on my return.  My question now is:  Since I already electronically filed my Federal Return BEFORE the American Rescue Plan was put into law, is the IRS going to automatically refund the difference in my tax refund?  I already received my refund for the original return.  Waiting to get some sort of notification from either Turbo Tax or the IRS on how to proceed with this.

[mandrak007]

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? Can someone help please? Thank you

[Krivs]

What is the point of factoring the UI changes in the latest update and not ACA excess premium waiver? Still waiting to file for several people that really need their refunds.

[craveking]

exactly. In fact, the penalty for excess PTC far exceeds the tax hit for UI for many people.

[geegecko]

Is it going to be another week before Intuit updates their software again?

[cdecrich]

It was updated for State of California UI, $10,200