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With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?

 
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7 Replies

With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?

Which changes are you referring to?

The Form 8915-E for Covid-19 withdrawals from an retirement account was included in the TurboTax online editions on 02/26/2021

The unemployment compensation exclusion for up to $10,200 of unemployment was included in the TurboTax online editions on 3/19/2021.

With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?

But yet my total tax liability has not changed.   And since the actual forms are obfuscated I can't see if the credits have been applied

 

With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?


@john-c-brenner-g wrote:

But yet my total tax liability has not changed.   And since the actual forms are obfuscated I can't see if the credits have been applied

 


What exactly are you referring to?  Unemployment reported on a Form 1099-G?  Retirement plan withdrawal on a Form 1099-R?

The worksheets, form and Schedule are only created and populated if you are eligible.

You are using the online editions so there is no direct access to any forms, schedules or worksheets.

With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?

Yes I am using the online edition.  I entered my wife's unemployment compensation, my understanding is that with the tax changes 10, 500 of the compensation was tax free.  Or at least I would get an additional 10, 500 credit.  Neither of these things have happened in the online edition.  

 

With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?


@john-c-brenner-g wrote:

Yes I am using the online edition.  I entered my wife's unemployment compensation, my understanding is that with the tax changes 10, 500 of the compensation was tax free.  Or at least I would get an additional 10, 500 credit.  Neither of these things have happened in the online edition.  

 


If you are filing as Married Filing Jointly, then your 2020 AGI must be less than $150,000.  If it is less than $150,000 then the unemployment compensation received, up to $10,200, will be excluded from income on the 2020 tax return.

You can see this exclusion on Schedule 1 Line 8 as a negative number.

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.

 

UCE TTO 2020.JPG

 

With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?

Again my aig is less that 150000 and I am not seeing the changes in the online edition

 

With the new tax changes in the COVID relief bill why are these changes not reflected in turbo Tax?


@john-c-brenner-g wrote:

Again my aig is less that 150000 and I am not seeing the changes in the online edition

 


What doe Schedule 1 show on Line 8?

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