@jdre80 Once new legislation is passed into law and the IRS provides us with guidance on how we need to provide them with the necessary information, we will work quickly to update TurboTax.
The IRS, and most states, consider unemployment payments as taxable income. This means that you have to pay tax on unemployment payments and report them on your return. With this new law, if your household income is less than $150,000, the first $10,200 of unemployment will be tax-free, but any amount you receive above that will be taxed.
@Stingwcw1999 Payment files will go out this weekend and the bank account effective date will be Wednesday, 3/17/2021. The IRS is expected to release further information on Friday, 3/12/2021.
You don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on your last tax return (either 2019 or 2020) and will likely send your payment to the bank account where your tax refund was deposited. If you haven’t filed your 2020 return yet, you can do that now to give your most recent information to the IRS, including bank account or address information, to help ensure your stimulus check goes to the right place.
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