Unemployment tax deduction

Forum|Forum|5 years ago
March 10, 2021
2 replies
2 views

Has anyone heard about the first 10,000.00 in Unemployment money received is tax Free?

Not A Product Question

xmasbaby0

Level 15

The law has not yet been signed.

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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

MinhT1

Level 15

The new proposed bill is expected to exempt from taxation up to $10,200 of unemployment benefits received in 2020.

However, the bill is not enacted into law yet. Please be patient. When it becomes law, the IRS will provide guidance on what taxpayers need to do. And TurboTax will always timely assist their customers.

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