@MJP255 wrote:
I
Is Turbo Tax going to send out a software update so I can take advantage of this law BEFORE I file my 2020 taxes on April 15,2021???
"A new provision waives federal taxes on the first $10,200 of unemployment benefits you received in 2020. Married couples who file jointly and both collected unemployment insurance benefits in 2020 will have taxes waived on $10,200 per person, or up to $20,400 of UI benefits total.
The waiver applies to individuals and married couples who made less than $150,000 in adjusted gross income in 2020.
have not files my 2020 taxes-"
See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...
Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021
