More legislative changes occurred yesterday. TurboTax is not yet fully updated to reflect the most recent legislative changes to unemployment. Here are the 2 most recent updates for unemployment - one for those who have already filed and one for those that have not filed yet. They both pretty much say to wait and to sign up to be notified by email when things have been finalized.
For those that have filed, we are waiting on the IRS to confirm whether or not they will adjust those returns as opposed to having taxpayers amend their returns - they have waffled on this claim, but currently, the guidance is to wait for further instruction. IRS link is below; see underneath the bullet points; it states taxpayers should NOT amend at this time.
For those that have NOT filed, some parts of TurboTax are updated, some are not. Plus, the IRS just made another change (regarding the AGI calculation to determine eligibility for the exclusion), so the program will need to be updated again for that. So, if you have not filed, the guidance from TurboTax is to wait while we get things finalized - which can't happen until they finalize the legislation. Yesterday's changes will probably impact filers that have already filed and claimed the EIC or CTC, but no additional guidance has been issued regarding that yet. But you can still sign up to get the email when we are confident that TurboTax is ready to handle the exclusion as the IRS has prescribed it to be handled. The tax filing deadline has been extended to 05/17.
IRS News Release - New Exclusion of up to $10,200 of Unemployment Compensation This version was released today 03/24 and clarifies the changes in the MAGI calculation and NOT to amend. All 3 of the links included here will update with any future changes as well. So, although other software providers may claim to be ''updated'' for all of the changes, that is likely to not be the case. @Roy H
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