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Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

Can you tell me if the KENTUCKY state software has been updated for the same exclusion?

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief


@julielastinger wrote:

Can you tell me if the KENTUCKY state software has been updated for the same exclusion?


https://ttlc.intuit.com/community/internal-revenue-service/help/how-is-my-state-taxing-unemployment-...

Kentucky (KY)

TurboTax calculations have not been updated for Kentucky. If you haven’t filed your return, you can either:

  • Wait for TurboTax to be updated along with your state, or
  • File your return now and potentially amend later if they do not follow the federal guidelines.
LinaJ2020
Expert Alumni

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

No, it has not, unfortunately.  Click here to select your state:  Your state unemployment exclusion

 

You can either wait for the update or file now and amend later. 

 

Thank You for your patience. 

 

@julielastinger

 

 

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weilu2018
Returning Member

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

Is MAGI including unemployment income? it is impact my IRA Contribution Deductible.

We already filed tax return that qualified IRA Contribution Deductible $11360, if MAGI excluded unemployment income our qualified IRA Contribution Deductible $1400.

Can someone can answer my question?

1. Is MAGI including unemployment income (under $10,000)?

2. What amount should we contribution $11360 or $1400 before May 17?

Turksreef
Returning Member

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

When will my turbo tax be updated for COVID unemployment relief?

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief


@Turksreef wrote:

When will my turbo tax be updated for COVID unemployment relief?


The unemployment compensation exclusion was updated across all TurboTax platforms, online and desktop, on 03/26/2021.

If you are using the desktop software you need to update the software to the latest release.  If you are using the online editions the update was automatic.

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

If your return isn't showing the exclusion then delete the 1099G and enter it again.

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

Hello, the "your state unemployment exclusion" link does not seem to show a list of all the states with further links.  When I clicked on it, it took me to a screen that shows a list below.  Do I need to click on one of the categories below to go further?  If so, which one? 

 

 

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Tax Year 2020: TurboTax Updates on Unemployment Tax Relief


@syoung123 wrote:

Hello, the "your state unemployment exclusion" link does not seem to show a list of all the states with further links.  When I clicked on it, it took me to a screen that shows a list below.  Do I need to click on one of the categories below to go further?  If so, which one? 

 

 

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Try this - https://ttlc.intuit.com/community/internal-revenue-service/help/how-is-my-state-taxing-unemployment-...

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

When I loaded the April 4th updates to Turbotax it changed the taxes owed from $3239 to $995 on the 1040-SR.

My AGI was also adjusted from 166000 to155,000 and taxable from 138,000 to 128,000 .  The UI credit now shows on Schedule one.  Will I need to file an amended return and when?

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief


@IlionDennis wrote:

When I loaded the April 4th updates to Turbotax it changed the taxes owed from $3239 to $995 on the 1040-SR.

My AGI was also adjusted from 166000 to155,000 and taxable from 138,000 to 128,000 .  The UI credit now shows on Schedule one.  Will I need to file an amended return and when?


You do not need to amend the 2020 tax return for the unemployment compensation exclusion.  The IRS will be handling the exclusion and send you a tax refund if you are eligible starting in May.

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

I used the link the you posted and I saw the list of states now.  Thanks much

e425707
Returning Member

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

How about the newest unemployment deduction ?

 

 

DaveF1006
Employee Tax Expert

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

It depends on what question are you asking. Please read this IRS link for more specific information about the deduction and to see if you qualify.

 

If you qualify and haven't completed your tax return yet, up to $10,200 will be excluded from your federal income automatically. Also as of March 30, the following states do not exclude the $10,200 deduction. These are Colorado, Georgia, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, North Carolina, New York, Rhode Island, South Carolina and West Virginia.

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Jones0802
New Member

Tax Year 2020: TurboTax Updates on Unemployment Tax Relief

When will the state taxes reflect the new unemployment tax breaks? As of 4/5 still not ready!!!

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