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Pauldina
Returning Member

1) will turbotax update SW before May 17 to incorporate new rules? 2) can i use irs updated unemployment exclusion form make needed overides and file a paper return?

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2 Replies

1) will turbotax update SW before May 17 to incorporate new rules? 2) can i use irs updated unemployment exclusion form make needed overides and file a paper return?

TT can't do anything until the IRS issues procedures for all the changes in the new tax law, so please wait a bit.  Overrides can void the TT accuracy guaranty.  Paper returns take a long time to process (and are subject to keying errors), so I'm sure you would prefer to efile.  Also see:

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

Pauldina
Returning Member

1) will turbotax update SW before May 17 to incorporate new rules? 2) can i use irs updated unemployment exclusion form make needed overides and file a paper return?

Update:. TT website for unemployment reads that TT is now updated to the unemployment benefit exemption.  

 

https://blog.turbotax.intuit.com/unemployment-benefits/

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