After the President actually signs the new stimulus bill into law we hope that we will soon get more information on how it will all be implemented. We just do not know yet.
It can take weeks to several months or more for the changes to be made to tax software. First the IRS has to change its forms. The tax software has to be changed; the IRS has to test and approve of the software. Do not expect changes in the software to happen quickly. TurboTax may have more information in the near future AFTER the bill is signed into law, and some more details emerge about how Congress and the IRS will implement the changes.
The bill has not yet been signed into law. Once it is, the IRS must develop procedures, and then TT must program, test and get them approved by the IRS. So we don't know yet.
I just efiled my taxes last week and now that the stimulus bill has passed what do I need to do because I paid full taxes on my unemployment for 2020 I see in the bill up to 10,200 will be forgiven which would therefore increase my refund What do I do now???
@aldo56 wrote:
I just efiled my taxes last week and now that the stimulus bill has passed what do I need to do because I paid full taxes on my unemployment for 2020 I see in the bill up to 10,200 will be forgiven which would therefore increase my refund What do I do now???
You will be able to file an amended tax return for the unemployment exclusion, but not right now.
After the legislation has passed Congress and after the President has signed the legislation and after the IRS has written the rules, regulations and procedures. And after the IRS has changed any forms or schedules to accept the tax code changes. And after the IRS has approved the changes in the TurboTax program that apply to the tax code changes, then it will be available for the users of the tax preparation software.
This can take anywhere from several weeks to several months before it becomes available.
@aldo56 wrote:
Will I be notified of when it is available to amend?
Those type of details have not yet been released at this time.
This blob post has the latest information concerning the American Rescue Plan - https://blog.turbotax.intuit.com/tax-news/american-rescue-plan-what-does-it-mean-for-you-and-a-third-stimulus-check-49041/