TurboTax is working on implementing the changes of the American Rescue Plan.
"If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $10,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation" (IRS).
If you have already filed your return then please do not file an amended return at this time.
"For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance." (IRS Statement - American Rescue Plan Act of 2021)
Please see Unemployment FAQs for additional information.
This didn't answer the question of when the software will be updated.
Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment.
If you haven’t filed your 2020 taxes yet and would like to receive progress status updates, sign up here.