topic Isn't the first $10,200 of my unemployment benefits non taxable? in Retirement tax questions

Isn't the first $10,200 of my unemployment benefits non taxable?

crmusick1980 — Thu, 11 Mar 2021 03:04:27 GMT

Re: Isn't the first $10,200 of my unemployment benefits non taxable?

SweetieJean — Thu, 11 Mar 2021 03:18:46 GMT

That bill has not yet been signed into law. Once it is, the IRS must develop procedures to implement it. Stay tuned.

Re: Isn't the first $10,200 of my unemployment benefits non taxable?

Anonymous — Thu, 11 Mar 2021 03:21:04 GMT

No, not just yet. It will be the law soon, but it will be a few weeks (or months) before you will be able to file a tax return that reflects the upcoming change in the law.

Re: Isn't the first $10,200 of my unemployment benefits non taxable?

Lore1c — Tue, 16 Mar 2021 21:45:54 GMT

Has Turbo Tax updated their software to be able to reduce the 10,200? Or do we just reduce the amount from the 1099G?

Re: Isn't the first $10,200 of my unemployment benefits non taxable?

DoninGA — Tue, 16 Mar 2021 21:49:09 GMT

@Lore1c wrote:

Has Turbo Tax updated their software to be able to reduce the 10,200? Or do we just reduce the amount from the 1099G?

See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021