When will turbo tax be updated for the American Recovery Plan? Specifically to exempt the first $10,200 of unemployment benefits from taxation.

[jfabe04]

I have not filed my return yet. Do I just subtract 10,200 from the amount on my 1099-G?

[HelenC12]

Don't do anything yet. We're waiting for guidance from the IRS on how you can claim these additional benefits soon.

• The American Rescue Plan exempts the first $10,200 of unemployment payments for households with an annual income under $150,000.

[aflynn]

I am seeing where this was to be updated in the software last Thursday, 3/18, but can't tell if it has been.  Can you please confirm if the software is now reflecting the reduction of taxable unemployment income under the new American Recovery Act.

[DoninGA]

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@aflynn wrote:

I am seeing where this was to be updated in the software last Thursday, 3/18, but can't tell if it has been.  Can you please confirm if the software is now reflecting the reduction of taxable unemployment income under the new American Recovery Act.

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The TurboTax online editions were updated for UC exclusion.  The TurboTax desktop CD/Download editions have not yet been updated.

[aflynn]

ok, thank you.  Is there a target date for the downloaded software to be updated?