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Level 2

Question

Will the 2020 filing software be updated to accommodate changes made in the latest stimulus bill?

Forum|Forum|5 years ago
March 7, 2021
2 replies
12 views

The new bill includes ability write off first $10,500 in unemployment benefits and increases to childcare tax credit and child tax credit.

TurboTax Deluxe Online

Level 15

In the coming weeks and months after the IRS has written the regulations, rules and procedures it then will be possible to know exactly how all of this pans out. TurboTax will not change anything in their software until approved by the IRS. Whether or not any of this is going to apply to tax year 2020 or will only apply to 2021 and future tax years is not yet known.

madlen-millerAuthor

Level 2

According to the bill passed by the Senate, the unemployment credits would apply to 2020. So if we only received unemployment benefits then, but not for 2021, we will then have to file an amendment?