Would not recommend that you file your 2020 Federal 1040 tax return at this time. An extension is an option but there is also the possibility that the tax season will be extended beyond April 15. There is much to consider.
Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment.
This TurboTax Help allows you to sign up for updates from TurboTax about this feature of the tax code.
If your 2019 income may be too high to qualify for the third stimulus payment. This TurboTax Help states:
If you have an adjusted gross income (AGI) of up to $75,000 ($150,000 married filing jointly), you should be eligible for the full $1400 stimulus payment.
As your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount will go down.
The stimulus check rebate will completely phase out at $80,000 for single filers with no qualifying dependents and $160,000 for those married filing jointly with no dependents.
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