topic Does turbotax now take into account the recent legislation that eliminates the taxes on unemployment benefits, or is it still being updated to the software? in Retirement tax questions

Does turbotax now take into account the recent legislation that eliminates the taxes on unemployment benefits, or is it still being updated to the software?

infinitewill88 — Wed, 17 Mar 2021 16:47:44 GMT

Re: Does turbotax now take into account the recent legislation that eliminates the taxes on unemployment benefits, or is it still being updated to the software?

xmasbaby0 — Wed, 17 Mar 2021 16:57:56 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.

If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

Please read this very recent news from the IRS:

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

Re: Does turbotax now take into account the recent legislation that eliminates the taxes on unemp...

PattiF — Wed, 17 Mar 2021 17:04:51 GMT

It is still being updated on the software.

Here is information if you have not filed your taxes:

If you have not yet filed your taxes:

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020. Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment.

If you haven’t filed your 2020 taxes yet and would like to receive progress status updates, please sign up here.