Hello,
I saw the news saying " $10,200 of unemployment payments are now tax-free for households with an annual income under $150,000." that you could get the tax refund for on 2020 tax report that's already been calculated.
If order for me to get this benefit, should I amend the tax return?
I also didn't get the second stimulus for dependant.
I filed the 2020 tax report and already got tax refund.
What should I do to get all corrected?
Please advise.
Thank you!
You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.
TurboTax will update the software for the unemployment but there is no timeline yet.
It can take weeks to several months or more for the changes to be made to tax software. First the IRS has to change its forms. The tax software has to be changed; the IRS has to test and approve of the software. Do not expect changes in the software to happen quickly. TurboTax may have more information in the near future AFTER the bill is signed into law, and some more details emerge about how Congress and the IRS will implement the changes.
@epsl8422 Sorry that is not the answer you want. The software is not ready to accommodate the tax law that was only signed yesterday. You cannot amend for it yet because the software will have no way to give you the credit. You have to wait. When the IRS makes the necessary changes and the software is re-programmed to the IRS's satisfaction, if you need to amend to get the credit for tax you paid for unemployment you will do so then. It is too early. We do not even know yet if everyone who filed has to amend or if they will sort it out some other way.