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H&R Block already has this implemented. After 20 years using Turbo will I have to change tax programs next year ??
Now the law has been passed, when will the update available for 2020 tax return?
Is there a definitive answer on when TurboTax for Windows will be updated to reflect the $10,200 unemployment exemption?
According to yahoo!news on 3/18: "Ashley McMahon, a TurboTax spokeswoman, told Insider. "We are implementing IRS guidance on unemployment income within TurboTax, and updates will be available in product this evening, March 18." However, the 3/18 update does NOT include that change.
Intuit has always had lousy support and coms. I've been firing up the program daily and checking for updates. There was no update tonight, but I did get a message for the first time that "You qualify for new tax benefits. You get additional tax relief as part for the American Rescue Plan because you told us you received unemployment or took an advance premium tax credit". Looks like they are going to email when the update is in place.
Printed out my 1040, Schedule 1 and 8915-E. I used this link on Thursday.
https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym... Crossed a bunch of numbers out and worked through it. Going to pay myself back (COVID IRA withdrawal) a little more money and it looks like I will avoid upwards of $6k in Federal taxes!!!
note your current tax and when it goes down by a fraction of your UI compensation, then you will know the update is in place.
no need to be freaking out on the forum.
Amen.
I go back and forth in this one. On one hand, the previous admin screwed the middle class and made the 1%’rs happy.
i used to get 2k -3k back each year and after 45 changed it, I have gotten close to $400 a year. So these companies if they expect to pay zero income tax need to be held to a higher standard. Speaking of turbo tax, the software basically works for me year in and year out but during a once in a lifetime event (hopefully) Americans need every dollar they can get so telling us the update is due 3/18 and then nothing until maybe the 26th is a bitter pill to swallow. I will definitely look at options to buying turbo tax for next year and I bet turbo tax won’t even notice on their bottom line.
@fanfare re:
"note your current tax and when it goes down by a fraction of your UI compensation, then you will know the update is in place.
no need to be freaking out on the forum."
All I and others were asking for is some clear communication on when the unemployment exemption will be available in TurboTax. No need to be snarky. I worked in both software development and customer support for years. We would always have a plan for the release of bug fixes, and we would never tell customers that they will know when a fix is available when they no longer see the problem.
You should go back and read these messages. They are not simple inquiries. "Freaking out" is an apt description.
"No need to be snarky."
I'll try to be a better person.
"they will know when a fix is available when they no longer see the problem."
Just being realistic.
Unfortunately that's how all the tax software providers I've tried handle things.
That includes TurboTax, TaxAct and TaxHawk.
All have had bugs that prevent me from e-Filing a correct return.
they don't provide a timeline nor a list of issues fixed in each release.
One said, "sorry, come back next year, it should be fixed by then".
"[users] will know when a fix is available when they no longer see the problem"
"unfortunately that's how all the tax software providers I've tried handle things"
Sorry, but that's asinine. Normalizing bad service, in a user forum no less where people go for help, is as infuriating as the bad service itself. Users should never be conditioned to roll over, and while that may be realistic to yours or even all of our experiences in life, I think it should go without saying in lieu of actionable information.
I elected via the online software to receive an email when the update is in ("once the updates are ready, we'll send you an email letting you know it's time to file"). Despite numerous posts here insisting this has been done for days, no email. I got one saying they're working on it and to expect it 3/19 but here we are. My refund amount has changed. Is it correct? Dunno. Are they still working on it? No way to tell. Until I hear it from the horse's mouth, in the manner I chose, from an option they gave me, I can't assume everything's in place and that I won't mess things up by going ahead. It's not a matter of no longer seeing a problem.
I see an "Email me when someone replies" checkbox. Is it ok if it doesn't work? I shouldn't be disappointed, right? No, I should.
Can I get the tax credit on the $10,200 now? Do you have the updated software?
Turbo Tax is not showing the unemployment compensation untaxable as of today 3/22/21. When does it go into effect?
To see if the change is applied you must print your return.
Always print your return and review it carefully before e-Filing.
In this case,
you should find on Schedule 1 line 8 a negative number -10,200 or -(your unemployment comp), whichever is less.
If there is nothing on that line, keep waiting.
Does anyone know what the timeline is for the (online) state returns to be fixed/adjusted? For example, North Carolina is not following the Federal exemption and thus the entire amount needs to be included as income.
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