topic When will turbo tax be updated for the American Recovery Plan? Specifically to exempt the first $10,200 of unemployment benefits from taxation. in Retirement tax questions

When will turbo tax be updated for the American Recovery Plan? Specifically to exempt the first $10,200 of unemployment benefits from taxation.

jfabe04 — Fri, 12 Mar 2021 17:58:40 GMT

I have not filed my return yet. Do I just subtract 10,200 from the amount on my 1099-G?

Re: When will turbo tax be updated for the American Recovery Plan? Specifically to exempt the fir...

HelenC12 — Fri, 12 Mar 2021 18:11:22 GMT

Don't do anything yet. We're waiting for guidance from the IRS on how you can claim these additional benefits soon.

The American Rescue Plan exempts the first $10,200 of unemployment payments for households with an annual income under $150,000.

Re: When will turbo tax be updated for the American Recovery Plan? Specifically to exempt the fir...

aflynn — Sun, 21 Mar 2021 19:50:47 GMT

I am seeing where this was to be updated in the software last Thursday, 3/18, but can't tell if it has been. Can you please confirm if the software is now reflecting the reduction of taxable unemployment income under the new American Recovery Act.

Re: When will turbo tax be updated for the American Recovery Plan? Specifically to exempt the fir...

DoninGA — Sun, 21 Mar 2021 19:54:14 GMT

@aflynn wrote:

I am seeing where this was to be updated in the software last Thursday, 3/18, but can't tell if it has been. Can you please confirm if the software is now reflecting the reduction of taxable unemployment income under the new American Recovery Act.

The TurboTax online editions were updated for UC exclusion. The TurboTax desktop CD/Download editions have not yet been updated.

Re: When will turbo tax be updated for the American Recovery Plan? Specifically to exempt the fir...

aflynn — Mon, 22 Mar 2021 22:07:36 GMT

ok, thank you. Is there a target date for the downloaded software to be updated?