topic Anyone else seeing the "we'll send you an email" when turbo tax has the ARP updates from the IRS? I got an email saying it would be done last Friday (3/19) in Get your taxes done using TurboTax

Anyone else seeing the "we'll send you an email" when turbo tax has the ARP updates from the IRS? I got an email saying it would be done last Friday (3/19)

rjdubs — Mon, 22 Mar 2021 19:43:50 GMT

Re: Anyone else seeing the "we'll send you an email" when turbo tax has the ARP updates from the ...

ErnieS0 — Mon, 22 Mar 2021 23:45:42 GMT

The $10,200 exemption for unemployment benefits is now working on TurboTax Online. It is still not available on TurboTax CD\Desktop.

If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.

If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $10,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation.

Re: Anyone else seeing the "we'll send you an email" when turbo tax has the ARP updates from the ...

rjdubs — Tue, 23 Mar 2021 17:49:53 GMT

I did not receive unemployment benefits. However, I did receive Advanced Premium Tax Credit, and I believe that is why the page is still there.