Has Turbo Tax made changes to no federal tax on unemployment benefits?

[ColeenD3]

No. It just happened. IRS has not released instructions yet.

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020.  Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment. 

If you haven’t filed your 2020 taxes yet and would like to receive progress status updates, please sign up here. 

[wjwbubba8]

When do you feel this update will happen and we will be able to update Turbo Tax to complete our taxes?

Thank you 

[JotikaT2]

To get the latest information, please sign up using the link provided by ColeenD3 above.  This is the best way to be notified once the changes are implemented.

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