Is turbo tax accounting for the Unemployment Benefits Tax Relief Act recently passed?

[fleeon87]

As the unemployment Benfits Tax Relief Act recently stated "any taxable year beginning in 2020, gross income shall not include so much of the unemployment compensation received by an individual as does not exceed $10,200", is this being accounted for in the software?

[Opus 17]

TurboTax will follow whatever forms and instructions are required by the IRS. The IRS has not yet announced how they will handle this change. If you have not yet filed your return, it would probably be a good idea to wait for instructions, because it will be better to file one return with the correct answer then to file early and then have to amend. If you already filed, you will have to wait for instructions.

[richfieldmall]

How can we learn when the IRS does issue instructions for the $10,200 unemployment compensation credit?

[Opus 17]

https://www.irs.gov/newsroom

https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments

https://twitter.com/IRSnews