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mtoral1
New Member

Will TurboTax be able to handle the newly passed Coronavirus Unemployment Benefits Tax Relief Act in Illinois?

This Act waives the federal tax on the first $10,200 of unemployment benefits.
3 Replies
xmasbaby0
Level 15

Will TurboTax be able to handle the newly passed Coronavirus Unemployment Benefits Tax Relief Act in Illinois?

This is a bill that has been proposed by two IL members of Congress.   It has not been passed.

 

https://abc7chicago.com/taxes-unemployment-pua-peuc/10262189/

**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.**
beffoney
New Member

Will TurboTax be able to handle the newly passed Coronavirus Unemployment Benefits Tax Relief Act in Illinois?

This was passed today. How does this affect those who have already filed 2020 taxes with unemployment taxes? When will we be able to amend our returns to claim the tax waiver?

SteamTrain
Level 15

Will TurboTax be able to handle the newly passed Coronavirus Unemployment Benefits Tax Relief Act in Illinois?

....Yall are jumping the gun...

_________________________________

No......it has to go back to the House...AND if the House agrees to retroactively apply it to 2020 too...they may not.

 

Then it has to go to the President...Probably sometime next week..

 

THEN the IRS hast to set up their own software to deal with it, and set the rules under which it will be dealt with....then let the software companies know how it is to be dealt with.......this last step can take a month or three !!

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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