@rrod915 wrote:
I have the 2020 personal and business download software and see no changes. Do I need to do anything to update my software.
The desktop edition software has not yet been updated. We expect it will be available by 03/25 as a software update.
The TurboTax online editions have all been updated for the unemployment compensation exclusion.
I have the 2020 personal and business download software and see no changes. Do I need to do anything to update my software.
@rrod915 wrote:
I have the 2020 personal and business download software and see no changes. Do I need to do anything to update my software.
The desktop edition software has not yet been updated. We expect it will be available by 03/25 as a software update.
@DoninGA for taxpayers who have already filed will they need to amend or will the IRS automatically make the adjustment
@Mike9241 wrote:
@DoninGA for taxpayers who have already filed will they need to amend or will the IRS automatically make the adjustment
The IRS says that they should not amend their tax returns at this time and wait for guidance from the IRS.
IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021
For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance.
It is March 25th
When will the deluxe edition software get an update to include the unemployment waiver for $10,200
The CD/Download software has not been updated just yet. You can sign up for email notifications for the unemployment updates here.
I click on the link and it did not take me to an area to sign up for a notification?
Hi,
Is it available for me to file on 2020 TAX RETURN with 10900 waiver with Trubo tax/
Thanks,
Yes, the online and home and business desktop versions have been updated to automatically complete the unemployment exemption on the Sch 1 if you qualify for it.
Any news on when the update will be available for computer based software?
@djampole56 wrote:
Any news on when the update will be available for computer based software?
The unemployment compensation exclusion was updated on all TurboTax platforms, online and desktop, on 03/26.
Update your desktop software. For TurboTax using Windows click on Online and Check for Updates.
Check your version. Click on Help>About TurboTax>Version. The current version is 020.000.1688
Great - where in the package can I go to see that it was applied, eg. where can i see it on my return or in the software package (online)?
@geoffrey-prior wrote:
Great - where in the package can I go to see that it was applied, eg. where can i see it on my return or in the software package (online)?
If you are eligible for the exclusion it will be on Schedule 1 Line 8 as a negative number. Your unemployment compensation will be on Line 7 of the Schedule 1.
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.