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Level 1

Question

Tax Credit for New Covid Relief Bill for Unemployment -

Forum|Forum|5 years ago
March 12, 2021
2 replies
17 views

The new Covid Relief Package now allows for a $10,200 credit for unemployment benefits paid in 2020. I have not filed my Turbo Tax forms yet - when will Turbo Tax be updated to recognize this change??

Level 15

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

Level 15

On the dotted line next to Schedule 1, line 8, enter “UCE” and show the amount of unemployment compensation exclusion in parentheses on the dotted line.

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

Level 2

You are correct BUT one is unable to do this if using the TurboTax program and eFiling

Level 15

TurboTax does not yet support the $10,200 reduction of taxable unemployment insurance on your 2020 Federal 1040 tax return.

Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment.

This TurboTax Help allows you to sign up for updates from TurboTax about this feature of the tax code.

Follow this TurboTax Help to see how your state will conform with this new feature of the tax code.

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