New Exclusion of up to $10,200 of Unemployment Compensation, when will TurboTax update the forrm(s)?

Forum|Forum|5 years ago
March 17, 2021
2 replies
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Best answer by AmyC

The federal program is updated but not all states have finished passing their bills or deciding how to handle the money. If your only concern is federal, then you can file with no fear. You should see $10,200 being subtracted and label UCE - Unemployment Compensation Exclusion.

JohnW152

Level 15

TurboTax will be updated once the IRS provides guidance.

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

As part of the recently-passed American Rescue Plan, the first $10,200 in unemployment payments are now tax-free for households with annual incomes less than $150,000 on their federal return.

SweetieJean

Alumni - Champ

Please see:

IRS Statement - American Rescue Plan Act of 2021 | Internal Revenue Service

johnmorf

Level 2

Google article says TurbTax has updated this but its not updated yet. Anyone know what i should do?

AmyCAnswer

Level 15

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mike121746-msn-cAuthor

Level 2

I filed my federal taxes and received a refund prior to the TurboTax program update for the $10200 UC exclusion. Do I need to file and amended return, or will the IRS do it for me?