topic Will the $10,200 tax waiver on unemployment benefits be above or below the line for calculating AGI? in Retirement tax questions

Will the $10,200 tax waiver on unemployment benefits be above or below the line for calculating AGI?

jennifer-mcgowan — Thu, 11 Mar 2021 16:30:34 GMT

Re: Will the $10,200 tax waiver on unemployment benefits be above or below the line for calculati...

MinhT1 — Thu, 11 Mar 2021 16:50:41 GMT

The new proposed bill is expected to exempt from taxation up to $10,200 of unemployment benefits received in 2020.

However, the bill is not enacted into law yet. Please be patient. When it becomes law, the IRS will provide guidance within two to three weeks on what taxpayers need to do. And TurboTax will always timely assist their customers.

Re: Will the $10,200 tax waiver on unemployment benefits be above or below the line for calculati...

jennifer-mcgowan — Tue, 16 Mar 2021 14:19:20 GMT

The bill HAS been enacted into law. When will Turbotax be updated for the unemployment income waiver?

Re: Will the $10,200 tax waiver on unemployment benefits be above or below the line for calculati...

DoninGA — Tue, 16 Mar 2021 14:22:50 GMT

@jennifer-mcgowan wrote:

The bill HAS been enacted into law. When will Turbotax be updated for the unemployment income waiver?

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