irs has posted 2020 unemployment tax break instructions 20 hrs ago. When will turbotax update the system? link below
https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation
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.
I just hung up with customer service about this and she told me it was already updated of course it is not. She also just sent me a link for the intuit website outlining all the new tax changes. Something I already knew.
So I guess the plan is just wait??? I go back to work in 2.5 weeks and wont have much time to get this done before the 15th. Any idea if its going to be implemented soon?
The ball is in the IRS's court right now. As soon as TT has updated forms or a way for you to enter your unemployment and have it be taxed correctly we will be happy to help.
IRS already posted on Saturday how to go about this but unfortunately Turbo Tax didn't update program yet. I spoke with TT representative this morning gave them email & they suppose to inform me when the program will be updated. So we have to WAIT.
Please be sure to use the links below to add your email and be alerted about actions the IRS may want to take for any return that has already been filed.
With this new law, if your household income is less than $150,000, the first $10,200 of unemployment will be tax-free, but any amount you receive above that will be taxed. We must wait on the IRS for the way they want this to be handled. Please continue to use the links below to know the most up to date information. If you already filed your tax return do NOT amend at this time per IRS.