H.R. 5863 Federal Disaster Relief Act

[Bullyk9r]

H.R. 5863 was signed into law on 12/12/24 (Public Law No. 118-148). I received PG&E settlement funds from the CA Wildfires settlement in both 2022 and 2023. Those funds were included in my federal taxable income. I need to file amended returns for 2022 and 2023 to exclude those funds from my taxable income and get refunds. Is Turbo Tax updated to reflect H.R. 5863? If not, will it be or do I need to do my amendments manually?

[Opus 17]

You should be able to use TurboTax, since this change does not require any changes to the tax forms or instructions. You simply remove the previously included income. You will have to file by mail, of course. And, it is likely that the amended return for this issue may take longer to process than normal amended returns, because the IRS will take some time to figure out procedures and instructions for this late breaking change in the tax law.