![]() ![]() I was wondering if TurboTax software has been updated in order to enter and deduct 10200 from income. Thank you for the reply but it was not what I asked for. Update on TurboTax for unemployment taxes. Will any additional forms be added I was able. SOLVED by TurboTax 315 Updated JanuYou can add PLUS when prompted after you sign in to TurboTax and input your personal information in the beginning screens of TurboTax, or during your final review before filing your return. The Treasury Department says it has sent out 90 million economic impact payments totaling $242 billion since President Joe Biden signed a $1.9 trillion pandemic relief plan last week. Any updates on 10200 unemployment exclusion According to the news, it was supposed to be done by 12 pm on 3/19. H&R Block is reportedly awaiting further guidance from the IRS and did not provide a timeline. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation.”Ī TurboTax spokeswoman told CNBC they expect to have their software updated by Thursday evening. Amounts over $10,200 for each individual are still taxable. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. ago If you find another company with the update please share 2 Reply mgomez159 2 yr. 10 43 43 comments Best Add a Comment deleted 2 yr. “If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. Per TeamTurboTax on Twitter: The unemployment exclusion update is scheduled to be available in TurboTax Friday, March 19, 2021. If it’s still the same try calling the IRS and asking what happened because it’s supposed to update for both or state or federal. An unofficial, civil, and helpful community to discuss Intuit TurboTax. Also, does anyone know whether Michigan has imple. 6.7K subscribers in the TurboTax community. San Diego, CA & Tucson, AZ Joined December 2009. I just checked the software a hour ago, and it did not seem to have been updated. TurboTax’s customer support team is here to help you get your taxes done right. Here is the provision as described by the IRS: Hello, when will the TurboTax Premier updates be available for the 10,200 unemployment tax relief for both Federal and State (Michigan, South Carolina). According to CNBC, both TurboTax and H&R Block are still working to update their tax software to include the new exemption. WASHINGTON (NEXSTAR) - The American Rescue Plan Act of 2021 includes new guidance that allows people to waive tax liability on up to $10,200 of unemployment compensation in 2020. ![]()
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