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When is turbo updating the new stimlius benifit on taxes for unemployment i dont wont to have to do an amended return

 
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2 Replies
ee-ea
Level 15

When is turbo updating the new stimlius benifit on taxes for unemployment i dont wont to have to do an amended return

JotikaT2
Employee Tax Expert

When is turbo updating the new stimlius benifit on taxes for unemployment i dont wont to have to do an amended return

It is still being determined at this point by the IRS.  According to the newly passed legislation, the first $10,200 on unemployment earned in 2020 would be considered nontaxable if your household income is less than $150,000.

 

IRS Statement on American Rescue Plan

 

Once the IRS issues some guidance, TurboTax will be able to update their software accordingly.  

 

How will the 3rd stimulus affect me

 

@barbaradistephan

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