topic Has turbo tax updated their system to reflect that the first $10K of unemployment insurance is not to be taxed? in Get your taxes done using TurboTax

Has turbo tax updated their system to reflect that the first $10K of unemployment insurance is not to be taxed?

melor1981 — Fri, 12 Mar 2021 15:07:52 GMT

Re: Has turbo tax updated their system to reflect that the first $10K of unemployment insurance is not to be taxed?

DoninGA — Fri, 12 Mar 2021 15:09:01 GMT

Nothing in the tax preparation software can be updated until the IRS has made the tax code changes.

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: Has turbo tax updated their system to reflect that the first $10K of unemployment insurance is not to be taxed?

xmasbaby0 — Fri, 12 Mar 2021 15:09:02 GMT

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

It can take weeks to several months or more for the changes to be made to tax software. First the IRS has to change its forms. The tax software has to be changed; the IRS has to test and approve of the software. Do not expect changes in the software to happen quickly. TurboTax may have more information in the near future AFTER the bill is signed into law, and some more details emerge about how Congress and the IRS will implement the changes.