Do we know when the unemployment tax break that was in the latest Covid bill will take effect ?

[regnoc3364]

because it seems as if turbo tax hasn't caught up yet

[Opus 17]

The IRS has not released any instructions for this situation yet.

[regnoc3364]

so I guess my question would then be , why is there nothing on the turbo tax website alerting those who come to file that were on unemployment to perhaps .. WAIT, until such time as they DO "release instructions" ? it seems a little counter intuitive to just let us file, knowing that we would then have to refile to get this tax break  

[DianeW777]

Now that the new legislation is passed into law and once the IRS provides us with guidance on how we can provide them with the necessary information, we will work quickly to update TurboTax. We will update this article with the latest information:  How will the 3rd stimulus impact me?

Continue to check back to the article for the most recent information. If you haven't filed yet, best advice is to wait.