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Level 1

Question

When will the update be available for the unemployment change for 2020?

Forum|Forum|5 years ago
March 25, 2021
2 replies
21 views

No text available

Credit

Alumni - Intuit

As soon as the IRS issues final instructions on how to report newly-exempt 2020 unemployment payments, TurboTax will make the necessary updates to its programs. Until those changes are made, you have two options:

1. File now and...there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.

2. File after IRS instructions are released and the programs have been updated.

From How will the third stimulus impact me?:

"We’re working hard to keep TurboTax up to date with the latest tax changes based on instructions we receive from the IRS. Check back soon to add your unemployment income and file your return."

Level 2

according the CNBC (https://www.cnbc.com/2021/03/22/turbotax-hr-block-update-software-for-10200-unemployment-tax-break.html) TURBOTAX is expecting to plan an update software today.