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jfabe04
New Member

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

I have not filed my return yet. Do I just subtract 10,200 from the amount on my 1099-G?
4 Replies
HelenC12
Employee Tax Expert

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

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.
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aflynn
Level 1

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

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
Level 15

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


@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.


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

aflynn
Level 1

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

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

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