Unemployment income exemption Stimulus

[Merry Creager]

I too am wondering when the update for the Unemployment income exemption will be made as well as when they will update that the stimulus is not to be included.  We didn't receive the 2nd payment until AFTER the first of the year so it definitely should never have appeared as a 2020 payment!  This needs to get updated quickly.

[nicolara1]

When will Turbo Tax have the unemployment tax exemption update available

[DoninGA]

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@nicolara1 wrote:

When will Turbo Tax have the unemployment tax exemption update available

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See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

[Tim Fees]

I have the same question. Do I need to amend my 2020 return (already filed) for unemployment compensation reported as taxable income?

[macuser_22]

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@Tim Fees wrote:

I have the same question. Do I need to amend my 2020 return (already filed) for unemployment compensation reported as taxable income?

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Read the IRS link in the post about your question - it says NOT to amend until the IRS issues guidance.

[esaldana]

It's been updated!! Yay! Thanks Turbo Tax 🙂

[txmet]

it has not been updated on the cd/disc version  NO UPDATE STILL for those that paid for the software. shame on turbotax for their lack of communcation

[agnor69]

I got an email from somebody says they updated turbotax  i went into turbotax checking my unfiled tax return and i didnot see anything different

[VolvoGirl]

Yesterday 3/19 they updated the Online version for the unemployment 10,200 exclusion.  Desktop hasn't been updated yet.  

[agnor69]

please keep me informed for the desktop update thx

[VolvoGirl]

You can sign up for updates on this FAQ.  Click on sign up here

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu... 

[MaryAB]

I have the Home & Biz software.  Has it been updated yet for the unemployment income exemption?   I saw news article saying it would be completed by March 18.  I haven't found any other updates anyplace including intuit.com that would provide me the details.  My latest software update is March 18, 2021 but I can't find any references to entering this information or a 'unemployment compensation exclusion worksheet' listed in 'forms'.  Also, taxes due/owe did not change after the update.  If you have completed this update, please tell me what to look for in the software.

[macuser_22]

Online is updated, there is a March 25 update coming for desktop, probably it will be in that.

[MaryAB]

thanks.  I will look for it then.  I have the desktop software.

[estarfactor]

Hi,

Is the TurboTax March 25 desktop update coming today? Thanks.