Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

[wfilbra]

@mustang1969Just to be sure, You haven't already filed your taxes have you?

[joecaromano]

When will turbo tax update the tax program regarding unemployment tax relief.

[DoninGA]

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@joecaromano wrote:

When will turbo tax update the tax program regarding unemployment tax relief.

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All TurboTax editions, desktop and online, were updated for the unemployment compensation exclusion today, 03/26.

[mustang1969]

no, i have not filed my taxes

[ddorimar]

I know that unemployment benefits  are now not federally taxable up to $10,200.00 under the new Covid Relief Bill.  However, I  also received Supplemental Unemployment Benefits from my employer when I was furloughed.    Are my Supplemental Unemployment Benefits considered part of that $10,200.00?  Meaning, are they non-taxable as well  if the total (State unemployment, the CARES act extra $600.00/week, & the Supplemental Unemployment Benefits from my employer) is under $ 10,200.00?  

[Bill0509]

As I understand, any unemployment benefits for which you received a 1099-G are eligible for the $10,200 exemption. Benefits reported to you on a 1099-G are from state and federal governments. If your employer reported your supplemental benefits for 2020 on a 1099-G then I would count them as eligible for the exemption. If they were reported by your employer on any form other that a 1099-G then I believe they are not eligible for the $10,200 exemption. Hope that helps   

[mustang1969]

yeah, i got a 1099-G , I guess I'll wait  a few days to see if anything changes. tried to call turbo tax and only got a robot. I may have to uninstall disc and reload it. 

[ddorimar]

Thank you!   

[stevekayak]

@mustang1969 

Start a brand new return.  Should go much quicker now because you've been through it once already.  See if it doesn't correctly figure your unemployment deduction properly.

Still quicker than waiting on TT support!!!

[6thdistrict]

When will the Home & Business desktop version be updated? We have waited long enough!

[6thdistrict]

What schedule and line was the update added?

Thanks

[juliele59]

Mine was updated today. Just opened my return and run update as TT asked. Everything works as it should now. 

[gjp]

Now that the Federal Taxes were updated for the unemployment tax relief, some states were also updated. I filed my federal tax and are awaiting to file for the State until the update is complete. Do you have a timeline for the New York State update?

[Lo92870]

TT is updated for unemployment $10200 compensation.  Thanks. AGI of my in 1040 is 50,000 but AGI in IRA account is $60200 (Why? Is this correct?).

[wx_lei]

I updated the TurboTax 2020 online last night (May 26th) . Tax free for the first 10,200 unemployment was updated but incorrectly. We (my wife and I) have about 124K regular income and 32,304 (26,760 for my wife and 5,544 for me) unemployment income in 2020. With the new rule, we are expecting the 10,200 for my wife and 5,544 for me should be tax free and deducted from schedule 1. Unfortunately only 10,200 was deducted for my wife and 5,544 was NOT deducted. I believe this is a bug when calculating number in schedule 1 line 8. Not sure anyone has the same issue?