That bill has not yet been signed into law. Once it is, the IRS must develop procedures to implement it. Stay tuned.
No, not just yet. It will be the law soon, but it will be a few weeks (or months) before you will be able to file a tax return that reflects the upcoming change in the law.
Has Turbo Tax updated their software to be able to reduce the 10,200? Or do we just reduce the amount from the 1099G?
@Lore1c wrote: Has Turbo Tax updated their software to be able to reduce the 10,200? Or do we just reduce the amount from the 1099G?
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
