The changes are in the process in the Desktop version of the software and expected to be released March 26. They are already available in the "online" version of TurboTax.
IRS has a message for taxpayers to be patient waiting on the changes from the American Rescue Plan to e implemented into the Internal Revenue Tax code and into the IRS system while IRS is busy processing 2019 and 2020 returns, sending out the 3rd Stimulus checks, etc.
March 12, 2021
The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021.
Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov.
The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time.
The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable.
For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return.
For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional
guidance.
For additional information, please refer to the following link:
IRS Request for American Rescue Plan Patience
