topic New Stimulus bill includes tax exemption for the first 10K of unemployment benefits. What if I already filed and paid taxes on all unemployment benefits? in Get your taxes done using TurboTax

New Stimulus bill includes tax exemption for the first 10K of unemployment benefits. What if I already filed and paid taxes on all unemployment benefits?

gwritejill — Tue, 09 Mar 2021 18:02:47 GMT

Re: New Stimulus bill includes tax exemption for the first 10K of unemployment benefits. What if I already filed and paid taxes on all unemployment benefits?

xmasbaby0 — Tue, 09 Mar 2021 18:11:02 GMT

That tax law has not yet been signed into law by the President. When that happens then the IRS will need to change the tax forms, the programmers have to change the software, and then the IRS has to approve of their software. That will take time---we do not know yet when all of those changes will be accomplished. As soon as more is known, TurboTax will provide information. The software changes will take weeks or even several months.

Re: New Stimulus bill includes tax exemption for the first 10K of unemployment benefits. What if I already filed and paid taxes on all unemployment benefits?

Odenton_Doug — Tue, 09 Mar 2021 18:17:49 GMT

I have this same question. I wanted to file as "the 2020 unemployment" reduced my AGI such that I qualify for the Stimulus. I have been tracking the new legislation and its unclear to me if the "no fed tax on the first 10K unemployment applies to TY2020.

I guess I need to prepare myself to file an amended return when / if it becomes law, TT has implemented the changes , and it applies to 2020. lots of if and whens... so i file today.