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Kriver96
New Member

Unemployment tax credit

I started filing my taxes and have not completed it due to the amount owed. I received unemployment benefits for a while that was not taxed so I owe a lot this year. With Biden’s Stimulus I saw that we get credits up to 10k. Should I start my taxes all over again? Or will Turbo Tax update their systems? I haven’t seen anything about the change.

5 Replies
SweetieJean
Level 15

Unemployment tax credit

SweetieJean
Level 15

Unemployment tax credit

It's up to $10,200; and is a Deduction (from income), not a Credit against taxes due.

garyward824
New Member

Unemployment tax credit

When are you going to update your software

MaryM428
Level 10

Unemployment tax credit

Online TurboTax has been updated for the $10,200 exclusion from federal income tax.  The desktop software is still being updated and that update will be applied as soon as possible.  On desktop, make sure to update your software so you are using the latest version.

 

To update your desktop software:

 

At the top of the TurboTax page, click Online

Then click Check for Updates

 

TurboTax will then install all updates.    If there aren't any updates, you will receive the message "Your software is up to date.

 

VolvoGirl
Level 15

Unemployment tax credit

The Desktop program is usually updated every Thursday.  So check for updates on 3/25 or 3/26.

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