topic Will turbo tax be updating changes for unemployment tax break $10200.00? in Get your taxes done using TurboTax

Will turbo tax be updating changes for unemployment tax break $10200.00?

betagamma — Sat, 06 Mar 2021 02:28:15 GMT

Re: Will turbo tax be updating changes for unemployment tax break $10200.00?

DawnC — Sat, 06 Mar 2021 03:55:17 GMT

If the bill passes, then yes, TurboTax will be updated to reflect current law anytime the tax law changes.

Re: Will turbo tax be updating changes for unemployment tax break $10200.00?

lenaann89 — Thu, 11 Mar 2021 22:50:18 GMT

When will the software update take place? If we haven't filed but have completed all other steps, will there be additional steps that users will need to do to make the update effective? I currently have completed filling in all the info but have been waiting to file until I saw the outcome of the bill.

Re: Will turbo tax be updating changes for unemployment tax break $10200.00?

DoninGA — Thu, 11 Mar 2021 22:52:13 GMT

@lenaann89 wrote:

When will the software update take place? If we haven't filed but have completed all other steps, will there be additional steps that users will need to do to make the update effective? I currently have completed filling in all the info but have been waiting to file until I saw the outcome of the bill.

After the legislation has passed Congress and after the President has signed the legislation and after the IRS has written the rules, regulations and procedures. And after the IRS has changed any forms or schedules to accept the tax code changes. And after the IRS has approved the changes in the TurboTax program that apply to the tax code changes, then it will be available for the users of the tax preparation software.

This can take anywhere from several weeks to several months before it becomes available.

See this TurboTax support FAQ for information on the American Rescue Plan - https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

Re: Will turbo tax be updating changes for unemployment tax break $10200.00?

slgwinner — Fri, 12 Mar 2021 00:20:32 GMT

If i have already filed my taxes and received my refund will I need to file an amendment to take advantage of the $10,200 tax break for unemployment benefits?

Re: Will turbo tax be updating changes for unemployment tax break $10200.00?

SweetieJean — Fri, 12 Mar 2021 00:23:03 GMT

We don't know yet, since the IRS hasn't said. Stay tuned.

Re: Will turbo tax be updating changes for unemployment tax break $10200.00?

Opus 17 — Fri, 12 Mar 2021 00:27:04 GMT

Anyone who has not filed their tax return yet and who has unemployment compensation this year should probably wait and see what happens. It will be better to file one correct return than to file now and then have to amend later.

if you have already filed, we all have to wait for the IRS to issue guidance. It should be a week or less for them to come out with some kind of statement, but it may take a month or more for them to come out with updated forms and instructions. TurboTax will be updated whenever the IRS releases its official changes.