topic How long can I anticipate waiting to file my taxes in order to claim the new $10,200 waiver towards unemployment taxes? in Get your taxes done using TurboTax

How long can I anticipate waiting to file my taxes in order to claim the new $10,200 waiver towards unemployment taxes?

mkscheutzow — Sat, 13 Mar 2021 18:27:36 GMT

Re: How long can I anticipate waiting to file my taxes in order to claim the new $10,200 waiver t...

ToddL99 — Sat, 13 Mar 2021 18:45:06 GMT

There is currently no information on when the IRS will issue instructions on exempting 2020 unemployment compensation from federal tax.

As soon as the IRS issues instructions on how to report newly-exempt 2020 unemployment payments, TurboTax will make the necessary updates to its programs. Until those changes are made, you have two options:

1. File now and amend your return later, after updates have been made.

2. File after IRS instructions are released and the programs have been updated.

From How will the third stimulus impact me?:

"We’re working hard to keep TurboTax up to date with the latest tax changes based on instructions we receive from the IRS. Check back soon to add your unemployment income and file your return."

Re: How long can I anticipate waiting to file my taxes in order to claim the new $10,200 waiver t...

gokamura — Fri, 26 Mar 2021 04:39:53 GMT

when can i update my federal return since we qualify for this since agi 120k.......i ran update today and no avenue in software to adjust taxable ui.....pls advise

Re: How long can I anticipate waiting to file my taxes in order to claim the new $10,200 waiver t...

Cynthiad66 — Fri, 26 Mar 2021 21:05:09 GMT

If you have already filed your 2020 Form 1040 or 1040-SR, you should not file an amended return at this time. The IRS will issue additional guidance as soon as possible. DO NOT AMEND.

See this link for more IRS information: IRS Unemployment Exclusion

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments may now be tax-free for a person with an annual modified adjusted gross income of less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020.

If you haven't filed your return yet, go ahead and do so. TurboTax is up-to-date with the latest federal changes. Check your state's updates here.

If you've already filed your return, the IRS says you don’t need to do anything to take advantage of this benefit. They've assured us there's no faster way to get any additional money you are owed. In fact, amending your return could delay your payment.