topic How do i claim my $10,200 unemplyment waiver credit from the relief bill? in Get your taxes done using TurboTax

How do i claim my $10,200 unemplyment waiver credit from the relief bill?

mye1 — Sat, 13 Mar 2021 17:47:29 GMT

not sure where to claim or how to claim the benefit waiver

Re: How do i claim my $10,200 unemplyment waiver credit from the relief bill?

xmasbaby0 — Sat, 13 Mar 2021 17:49:36 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.

If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.

Re: How do i claim my $10,200 unemplyment waiver credit from the relief bill?

jakhiam — Fri, 02 Apr 2021 19:05:38 GMT

have turbo updated for the unempolyment wavier

Re: How do i claim my $10,200 unemplyment waiver credit from the relief bill?

Cynthiad66 — Fri, 02 Apr 2021 21:28:52 GMT

TurboTax Online was updated on March 25, 2021 and TurboTax CD/Download was updated on March 26, 2021 to include these unemployment updates.

The IRS, and most states, consider unemployment payments as taxable income. This means that you have to pay tax on unemployment payments and report them on your return. With this new law, if your household income is less than $150,000, the first $10,200 of unemployment will be tax-free, but any amount you receive above that will be taxed.

The Plan also provides a $300 federal increase to weekly unemployment payments and extends two key pandemic unemployment benefits programs through September 6, 2021.

The first $10,200 of unemployment payments are now tax-free for households with an annual income under $150,000.

If you’ve already filed your 2020 return, you should not do anything. The IRS will refigure your taxes and send any refund amount directly to you. Go here for more unemployment updates as they become available.

[edited 4/2/21 | 2:28 pst]

How Will the Stimulus Affect Me?