topic When will we get detailed instructions how to use turbo tax to take advantage of the newly approved $10,200 unemployment tax break? in Retirement tax questions

When will we get detailed instructions how to use turbo tax to take advantage of the newly approved $10,200 unemployment tax break?

tandbdurham — Fri, 12 Mar 2021 19:54:47 GMT

Re: When will we get detailed instructions how to use turbo tax to take advantage of the newly approved $10,200 unemployment tax break?

xmasbaby0 — Fri, 12 Mar 2021 19:56:17 GMT

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

It can take weeks to several months or more for the changes to be made to tax software. First the IRS has to change its forms. The tax software has to be changed; the IRS has to test and approve of the software. Do not expect changes in the software to happen quickly. TurboTax may have more information in the near future AFTER the bill is signed into law, and some more details emerge about how Congress and the IRS will implement the changes.

Re: When will we get detailed instructions how to use turbo tax to take advantage of the newly approved $10,200 unemployment tax break?

tandbdurham — Fri, 12 Mar 2021 20:12:03 GMT

Thanks for the reply!

So if I am following you, then don’t expect the software to be updated before the filing deadline of April 15?

If so, then anyone who qualifies will have to file an amended return?

Thanks again!!

Re: When will we get detailed instructions how to use turbo tax to take advantage of the newly approved $10,200 unemployment tax break?

xmasbaby0 — Fri, 12 Mar 2021 20:18:06 GMT

We flat out just do not know yet. This law was signed yesterday. When the IRS issues some guidelines and directives we will be glad to tell you what they are. Until more is known all anyone can do is speculate.

Re: When will we get detailed instructions how to use turbo tax to take advantage of the newly approved $10,200 unemployment tax break?

tandbdurham — Fri, 12 Mar 2021 20:25:00 GMT

How will we be able to get info/instructions on how to file for this when they are finalized?