What do I do about the unemployment 410,200 tax ex...
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jaynemo
New Member

What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

 
3 Replies
xmasbaby0
Level 15

What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

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

 

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...

 

 

Please read this very recent news from the IRS:

 

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Opus 17
Level 15

What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

If you have unemployment compensation and have not filed, then you should wait until the program is updated.  If you file before the program is updated, you will owe more tax, and it will take 6 months or more to process an amended return to claim a refund.  Best to wait and file one correct original return.  You can sign up here to get an email when Turbotax is updated.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
fanfare
Level 15

What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

when turbotax is updated, there won't be any question, and you won't even see it happen, unless you know your current tax due.

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