Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

[fionakitten14]

It is annoying, yes, but in their defense,  it is not TT's fault in the final analysis.  Blame the American Relief Act.  Timing, of course, is everything but I do have faith.  TT was able to update the Early Distribution Penalty Waiver on early withdrawals from 401K Plans and the like, so I have every confidence that they will rise to the challenge on this issue as well.

As an accountant, this has been a challenging time for everyone. We should all exercise a little more patience, I feel.

alec

[gcerreta]

I did the manual update as directed that was to fix this problem. Nope, 😵  I saw in the responces that a new date is now 3/25.  I sure hope so. I understand the fix is schedule 1 line 8. Does not sound like rocket science.

[fionakitten14]

I'm waiting until Friday morning to see if TT has an update for us tomorrow night.

I'm sure they're working as hard as they can to get the updates for the desktop users, such as myself, as it is in their interest that we will come back, as returning customers, next year...when, hopefully, things will have calmed down considerably.

We can only hope ..

alec

[tax_questions_2021]

I am using the TT Home & Business version downloaded from Amazon.  It does not appear that the $10,200 unemployment exclusion has been updated yet on my version even though I searched for updates as of 3/24 and TT says mine is fully updated.

[ChessPlayer]

Hopefully an update is forthcoming sometime Thursday 3/25.  The issue is that TT is not communicating as they should to let folks know and to manage expectations.

[syoung123]

I read somewhere -

"The IRS clarified on Tuesday that the unemployment benefits will not count toward adjusted gross income, the figure used to determine whether people are eligible for the $1,400 stimulus payment. That means more people will be eligible for the stimulus checks."

Granted that the AGI calculation is for the stimulus check.  But is this going to affect the unemployment tax relief update timing for TurboTax?

[Ctax2020]

As of 3/24/21, it appears that turbo tax has not updated the unemployment exemptio0n on the federal return for the home and business version. 

Does anyone know when this update will be released?

[fionakitten14]

Stimulus checks are not taxable, and if people have not received them as of yet, the Relief Recovery Credit allows those amounts to be added to refunds due, or reduced, in the cases of balances owed.

TT asks us if we have received, or not.

alec

[foulweathersal]

Online TT version has not be updated as of 3/24 to reflect the $10,000 credit.  It would be great if TT could give straight answers.  This is unacceptable.

[scat2me]

Today is March 24, 2021. I still do not see the updates for the unemployment reduction of $10,200. 00. So far the software is not reducing the amount. When will the update complete?

[Penserini]

I just ran the update and there was no change on the unemployment tax. It doesn't look like there has been any change or update.

[VolvoGirl]

The Desktop updates come out on Thursdays.  Try tomorrow March 25,

[gcerreta]

Why do we have to wait? Release the fix as soon as it is ready. Other versions have been updated. I have been using TT since versions were on stiffy discs. I may have to balance year to year transition with lack of competent response.

[null323]

For this supposed expert, I have daily tried to see if TurboTax would make changes to the new unemployment rule, but Nothing has happened.  You keep saying it will happen and your thread is not correct.  Quit saying you think it is being done today.  As of March 24 at 11PM CT, I not seeing it and I certainly qualify for the taxes I paid in 1099-G to be repaid.    Just say you don't know and quit guessing.

[dalercpa1]

I have Turbotax deluxe 2020.  Will not update for the new unemployement allowance.  Tried "check for update" says it is current.  Tried the manual update and it says Turbo tax is not installed.  What should I do?