IRS just made some additional announcements and is still making changes on the determination of how the unemployment exclusion is to be completed on the tax returns, updating their systems and working with the software developers. We will update the software as soon as all the details are known.
Re: Unemployment Exemption answer(?), should I "file as usual" or "wait for IRS to issue instructions"?
If you haven't filed you should hold off. The software updates should be coming out soon.
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, including the unemployment benefit will be forthcoming.
The IRS strongly urges taxpayers not to 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.
TurboTax is developing the software required to process all of the new conditions.
Please refer to the following link for additional information:
What should I do about the unemployment exemption
