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Unemployment income
I have already filed but now the unemployment is non taxed. I went to do an amended but Turbo tax showed no difference. Please advise.
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After you file
You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.
TurboTax will update the software for the unemployment but there is no timeline yet.
If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.
Please read this very recent news from the IRS:
https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021
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After you file
Do not try and amend the 2020 tax return since the Form 1040-X has not been finalized.
The IRS Form 1040-X for amending a 2020 tax return is scheduled to be available on 03/25/2021 (subject to change)
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