Several news agency had announced that President Biden had already signed into law pertaining to subject. In order to claim back this benefit for all those who already filed Tax Return for Year 2020 had to amend their return by Tax Form 1040X. When I log into TurboTax program for amendment, the system said IRS is not ready yet and requested users to come back shortly after. Can anybody telling me if this is true or not.
Do not try and amend the 2020 tax return for the unemployment compensation exclusion until the IRS has had time to make the changes to the tax code.
After the legislation has passed Congress and after the President has signed the legislation and after the IRS has written the rules, regulations and procedures. And after the IRS has changed any forms or schedules to accept the tax code changes. And after the IRS has approved the changes in the TurboTax program that apply to the tax code changes, then it will be available for the users of the tax preparation software.
This can take anywhere from several weeks to several months before it becomes available.
See this TurboTax support FAQ for information on the American Rescue Plan - https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859
Also see this recent article:
@bm55 wrote:
will i be notified when this will be ready
See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...
Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021
You might not need to amend Federal for this. But state is still unknown.