New stimulus exempts $10.2K in unemp. benefits rec’d in 2020 by households making <$150K. What if filer meets exemption, but already filed 2020 taxes

That tax law has not yet been signed into law by the President.   When that happens then the IRS will need to change the tax forms, the programmers have to change the software, and then the IRS has to approve of their software.   That will take time---we do not know yet when all of those changes will be accomplished.  As soon as more is known, TurboTax will provide information.

First remember the bill is not law yet.  Once it becomes law the IRS will be charged with implementing the new provisions.  They may require amendments or they may pull the affected returns and make the adjustments and send refunds.  We don't know yet.  Continue to monitor this forum and your news links for updates.

 

 

What about people with 2020 unemployment who have not yet filed and meet the income restriction?  Turbo Tax has understandably not yet implemented the change.   Should people file now, paying the extra tax and then amend?  The IRS seems to be asking people not to bury them in amended returns on this topic.  Should people simply file extensions and see what happens next?

@marjoriect https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

 

You are among millions who have now been affected by a mid-tax season change in the tax law.  Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

  If you have not e-filed yet—-wait.   And if you already e-filed and want to amend for this—WAIT.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

 

 

Please read this very recent news from the IRS:

 

https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

@marjoriect

Would not recommend that you file your 2020 Federal 1040 tax return at this time.  An extension is an option but there is also the possibility that the tax season will be extended beyond April 15.  There is much to consider.

 

Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment. 

 

This TurboTax Help allows you to sign up for updates from TurboTax about this feature of the tax code.