When will the new tax credits show on turbo tax software? The unemployment 10,500 non tax and the cares act adjustment ?

[anerraw]

When will the new cares act of 3/9/2021 be implemented for my 2020 taxes?

[KrisD15]

Sometime after the bill is signed into law. 

[Palmdalefamily]

We filed our Federal taxes on 3/11/2021, the same day that they announced a $10,500 credit for unemployment benefits.  How do we receive that credit, since we already filed and scheduled our payment to the IRS?

[DoninGA]

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@Palmdalefamily wrote:

We filed our Federal taxes on 3/11/2021, the same day that they announced a $10,500 credit for unemployment benefits.  How do we receive that credit, since we already filed and scheduled our payment to the IRS?

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You will probably have to amend your 2020 tax return to get the unemployment compensation exclusion.  But not until the IRS provides guidance.

After the legislation has passed Congress and after the President has signed the legislation and after the IRS has written the rules, regulations and procedures.  And after the IRS has changed any forms or schedules to accept the tax code changes.  And after the IRS has approved the changes in the TurboTax program that apply to the tax code changes, then it will be available for the users of the tax preparation software.

This can take anywhere from several weeks to several months before it becomes available.

See this TurboTax support FAQ for information on the American Rescue Plan - https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859