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Level 2
posted Mar 17, 2021 7:40:03 AM

How is Turbotax dealing with this tax break in the stimulus package for early filers? https://finance.yahoo.com/news/claim-10-200-unemployment-tax-xxxxxxxxx.html

Will Turbotax send out an email and offer a way for early filers to amend their return for this tax break?

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1 Best answer
Expert Alumni
Apr 12, 2021 11:31:05 AM

Since you have already filed, you will not see this adjustment.  The IRS will process the tax benefits for this exclusion and start mailing additional refunds in May.

3 Replies
Level 15
Mar 17, 2021 7:45:47 AM

The software is scheduled to be updated on 03/19 to include the unemployment compensation exclusion.

 

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

Level 2
Apr 12, 2021 11:25:35 AM

I'm reading that the refund amounts shown in Turbotax for some have just been adjusted for the new $10,200 tax exclusion. My return was accepted (by State and Fed) on March 7, 2021 yet I still don't see an adjusted refund amount when I log into Turbotax (?)

Expert Alumni
Apr 12, 2021 11:31:05 AM

Since you have already filed, you will not see this adjustment.  The IRS will process the tax benefits for this exclusion and start mailing additional refunds in May.