Does turbo tax automatically give for the federal unemployment tax credit for the first $10,200

Forum|Forum|5 years ago
March 15, 2021
2 replies
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DoninGA

Level 15

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

Mike9241

Level 15

it's not a credit it's a reduction in the taxable amount. the IRS has not released full guidelines on how to do this on the 1040. in order to avoid having to file an amended return, you'll have to wait until the IRS issues these guidelines and Turbotax updates its software. it would probably be best to wait for the app update rather than filing now and then having to wait until the original return is processed to file an amended return where the refund could take 2 months.

Mike9241