@Njdre80 wrote:
You clearly didn't understand my question. I KNOW nothing can be done NOW, as the tax laws haven't changed. That is why I said I am waiting to file until this legislation goes into law. My question is AT THAT TIME what happens? Does the turbo tax software algorithm get updated instantly to reflect the unemployment income exemption? Or perhaps does the state issue a different 1099 for the unemployment income. I'd like to file asap and get it over with and pay what I owe but I know this legislation will lessen what I owe.
Once the legislation passes nothing changes instantly for any tax preparation software. TurboTax cannot change anything in their software until the IRS issues the rules and regulations which can take weeks or months. Then the IRS must approve any type of changes that is needed to comply with the new regulations. Then and only then would the software changes be released to the public.
