topic What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this? in Retirement tax questions

What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

jaynemo — Wed, 17 Mar 2021 17:11:22 GMT

Re: What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

xmasbaby0 — Wed, 17 Mar 2021 17:12:20 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: What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

Opus 17 — Wed, 17 Mar 2021 18:43:07 GMT

If you have unemployment compensation and have not filed, then you should wait until the program is updated. If you file before the program is updated, you will owe more tax, and it will take 6 months or more to process an amended return to claim a refund. Best to wait and file one correct original return. You can sign up here to get an email when Turbotax is updated.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-turbotax/00/2081055

Re: What do I do about the unemployment 410,200 tax exemption? File or wait for the Turbo tax questions to reflect this?

fanfare — Wed, 17 Mar 2021 23:09:47 GMT

when turbotax is updated, there won't be any question, and you won't even see it happen, unless you know your current tax due.