Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

[syoung123]

Thank you for the info re: SC

[chrisacode]

Update just landed for me at 1:07am CDT for Mac desktop Home & Business, updated to v2020.r23.046. Now incorporating the $10,200 unemployment exemption on Schedule 1, Form 1040. Enjoy!

[Noilemahc]

That's malarkey.  I only use the online version and nothing has changed with the software.  I've been in it multiple times because I keep seeing statements in various places that say it's been updated.  No it hasn't.  Not for people that already started their taxes and were just waiting for that change to take place anyway.  I even deleted unemployment out and reentered it in, hoping that would toggle the "change", didn't change anything.  I still shows the full amount that we received, no change whatsoever since the other half a dozen times I've played with it. Our refund amount has not changed.  A family of 7 with an AGI of less than $50k.  I would think this "change" would affect our refund at least a few dollars.  NOTHING has changed.

[wfilbra]

I just checked my TT Deluxe Desktop Version this morning and the $10,200 Unemployment exclusion was applied. I did not have to make any entries to the tax forms and noticed I went originally from owing money to getting a refund. It was approximately a $1200 swing. To confirm, go to your Forms function and check your Schedule 1 Form and the Exclusion will show up on Line 8. Finally!!!! No changes occurred with my State Return but, MN has not yet agreed to incorporate the $10,200 exclusion in to Taxes. The politics in this State could take until 2022 to make this decision. I'll probably end up filing State in May and then amending.

[Tblouise]

I have the cd version of TurboTax home and business edition and there is no update as of 3-26-21. Anyone from TurboTax want to help?

[Tblouise]

I have the cd version home and business and mine is not been updated as of 3-26-21. Any info?

[DoninGA]

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@Tblouise wrote:

I have the cd version of TurboTax home and business edition and there is no update as of 3-26-21. Anyone from TurboTax want to help?

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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

[Tblouise]

Thank you I’m checking now 

[j_saba]

Halleluiah,  It's finally here!  

Make sure you check for updates this morning 😀

[Happygirl1]

How. I login to my turbo tax account and nothing has changed.

[DoninGA]

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@Happygirl1 wrote:

How. I login to my turbo tax account and nothing has changed.

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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

[Happygirl1]

I do not have it loaded on my desktop I just type in Turbotax login and login that way. I'm so sorry if I sound stupid right now, I am just lost.

[DoninGA]

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@Happygirl1 wrote:

I do not have it loaded on my desktop I just type in Turbotax login and login that way. I'm so sorry if I sound stupid right now, I am just lost.

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If you are using the TurboTax online web-based editions, the update for the unemployment compensation exclusion was on 03/19.  The exclusion amount is on Schedule 1 Line 8 and your unemployment compensation is on Line 7.

Look at your tax return -

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

[hntrust]

I just opened Home and Business Desktop. The update is installed. Thanks TurboTax.  

[lisasb2020]

Desktop version updated this morning 😊