Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

[spdev25]

Is your earned income over the limit?

[donna4170]

I filed my taxes before this new unemployment tax break come to order, is got my refund today but it was for the same amount I filed for turbo tax sent me a email saying the irs was going to fix the returns if u already filed them. are they giving the extra refund apart from the original taxes filed

[nytovjo]

I spoke to very nice TT customer service rep yesterday about the provision of the Recovery Act that waives the repayment of any over payment of health insurance premium subsidies  As I thought, the IRS has not issued guidance on how to handle this yet, Hopefully this will be resolved before the new May 17th filing date.  If not, those who would get a significant decrease in their tax bite once the over payments were removed will just have to file and wait for the IRS to send them a refund.  Oh well...

[pattygoad]

I just went in to check for the unemployment tax relief on premier and it still is not giving the $10,200 exemption. Could you please tell me when it will be updated for federal and michigan?

[wfilbra]

@donna4170Yes, but you probably won't see it till May or June.

[wfilbra]

@pattygoadFederal is updated. Go to your program and do a manual update.  As for Michigan, I would not know.

[wfilbra]

@pattygoadThis should help answer your questions:    https://ttlc.intuit.com/community/installing/help/how-do-i-update-turbotax-cd-download/00/26038

[wfilbra]

@donna4170  This is the refund update for unemployment from the IRS. Click on this blue link:  https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

[mari719]

I still haven’t seen the update for the 10,200 tax credit on my Turbo Tax mobile. Am I missing something?

[wfilbra]

@mari719 Follow this link:This should help answer your questions:    https://ttlc.intuit.com/community/installing/help/how-do-i-update-turbotax-cd-download/00/26038

[Irene2805]

All versions of TurboTax (including the mobile app) have been updated to include the $10,200 deduction of unemployment benefits.  Please make sure you have the most up-to-date version.

@mari719

[mari719]

I did make sure it was updated and it was. It’s version 7.4.2. Is that the updated version? 

[mari719]

I’m using a mobile application of Turbo Tax. I update it from the app.

[Buddog-1]

TurboTax is now updated to properly reflect the unemployment tax relief.  However, your MAGI must be less than $150,000 for Single or Joint returns.  Not sure about your states. 

[mari719]

Ok think I figured it out. You put the same amount on line 1 for unemployment received and it automatically deducts it. You will see a difference on the amount of your federal return. I compared it to last week and it went up a few hundred.