Coronovirus Aid, Relief, and Economic Security Act (CARE) and Tax Loss Carrybacks

[domagron2020]

The Coronovirus Aid, Relief, and Economic Security Act (CARE) which just passe the Senate and is on the way to the House allows for taxpayers to carryback their 2018-2020 losses without limitation instead of having to carry them forward subject to limitation. Will Turbotax be updated to accommodate this or will one need to file a 1045 manually from the IRS once they update it?

[EbonyL122824]

The details are still being worked out by Congress at this time. Once things are finalized we will be able to provide more guidance. You can also stay updated by continuously checking the following links. 

https://turbotax.intuit.com/coronavirus/

https://ttlc.intuit.com/community/tax-topics/help/how-are-my-taxes-affected-by-covid-19/00/1330402

https://www.irs.gov/coronavirus

[domagron2020]

Now that the act was signed., can you answer my specific question?

Thanks

[SForrestLO]

No, we do not have information as of now. Please visit the IRS website. Coronavirus Tax Relief https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

How are my taxes affected by COVID-19? https://ttlc.intuit.com/community/tax-topics/help/how-are-my-taxes-affected-by-covid-19/00/1330402