topic Has the Covid unemployment tax break (officially called Unemployment Compensation Exclusion, up to $10,200, I believe) been implemented in TurboTax yet? in Get your taxes done using TurboTax

Has the Covid unemployment tax break (officially called Unemployment Compensation Exclusion, up to $10,200, I believe) been implemented in TurboTax yet?

stephen34 — Fri, 19 Mar 2021 07:57:57 GMT

Re: Has the Covid unemployment tax break (officially called Unemployment Compensation Exclusion, up to $10,200, I believe) been implemented in TurboTax yet?

SweetieJean — Fri, 19 Mar 2021 16:14:30 GMT

Not yet. Once the changes have ben programmed and tested, the IRS (and states as applicable) must approve them.

Re: Has the Covid unemployment tax break (officially called Unemployment Compensation Exclusion, up to $10,200, I believe) been implemented in TurboTax yet?

stephen34 — Mon, 22 Mar 2021 17:55:38 GMT

Just checked today, March 22, and the unemployment compensation exclusion is now incorporated, in the online version at least. If your AGI is under $150,000, up to $10,200 of 2020 unemployment insurance income is now free of federal tax. You have to declare it as income but it gets offset with a credit/adjustment which will appear on Schedule 1.