topic tax waiver on up to $10,200 of unemployment insurance benefits for 2020 in Get your taxes done using TurboTax

tax waiver on up to $10,200 of unemployment insurance benefits for 2020

heyhey916 — Mon, 08 Mar 2021 16:25:25 GMT

should i not input my ui since under 10k in my income since now tax free? also does pfl time count for exclusion as well?

Re: tax waiver on up to $10,200 of unemployment insurance benefits for 2020

DoninGA — Mon, 08 Mar 2021 16:26:40 GMT

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.

Re: tax waiver on up to $10,200 of unemployment insurance benefits for 2020

jeffkararo — Fri, 12 Mar 2021 14:42:46 GMT

Will we be notified when this update has been made to TurboTax? I just want to be alerted so I can amend my filed return.

Re: tax waiver on up to $10,200 of unemployment insurance benefits for 2020

MaryM428 — Sun, 14 Mar 2021 01:44:33 GMT

The IRS is advising that you not amend the return for the federal tax forgiveness for 2020 unemployment. TurboTax is waiting for guidance on how the IRS will handle this issue.

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.

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