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#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

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-turbotax/00/2081055

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.