The new Stimulus bill includes unemployment tax forgiveness on the first $10,200 of unemployment for 2020. When would TurboTax update to reflect this if the bill passes?

[xmasbaby0]

That tax law has not yet been signed into law by the President.   When that happens then the IRS will need to change the tax forms, the programmers have to change the software, and then the IRS has to approve of their software.   That will take time---we do not know yet when all of those changes will be accomplished.  As soon as more is known, TurboTax will provide information.  The software changes will take weeks or even several months.

[Critter-3]

No one knows  since the IRS must put out instructions and efile form specs, then the program needs to be updated, tested and IRS approved before it can be used by the public.   Expect this to take weeks to months.

[serviceman]

MONTHS!!!! Isn't that a bit late for the April 15th deadline, or did they extend the deadline to allow for those of us who have to wait for the new forms?

[Critter-3]

Extension of the deadline has not happened yet  however it is a good bet it will happen.  Even if it isn't then you always have the option to file a 6 month extension.  

[xmasbaby0]

Again----this all just happened.   There are several members of Congress already suggesting an extension of the April 15 deadline but we have no idea if that will happen.    Congress had months to pass a stimulus bill and they took until the middle of the tax filing season to do it.  So now the IRS and millions of taxpayers are thrown into a confusing mess.   It will get worked out---but not overnight.

[dstone1982]

Please update this chat as SOON as you have the updated forms available for the unemployment tax relief!

[Critter-3]

Check the IRS site yourself :  https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments

[TA914]

What if you've already started your taxes on turbo but haven't filed? Once Turbo and IRS complete the updates will your existing taxes automatically get updated too?

[warnhammer]

The bill was signed into law by the 'president,' and I've seen no update thus far... Waiting over an hour for my call back from turbotax.

the boat I'm in, is my wife and I owing a couple grand because of this debacle. With this bill, we should see a tax refund instead, and it's all done except for actually filing. So, its in my best interest to get this figured out soon.

[zach28]

This isn't a complicated revision.  I would think it should take hours, not months - so days seems reasonable, yes? 

[xmasbaby0]

You and millions of others have been thrown into this boat by Congress changing a tax law in the middle of tax season.   Of course everyone wants it figured out soon.    Too bad Congress did not do this months ago instead of waiting until over 50 million 2020 tax returns had been filed.   When we have some answers for TurboTax users we will be glad to share them.   Until then, I suggest waiting to file.   I have advised several family members whose returns I personally prepare that they need to wait---because they are in the same boat you are in.

[TaxFiler123]

So what are we supposed to do with the 4/15 filing deadline just wait until the last minute before we file? This should be a simple change to make that could be done in a matter of hours.

[xmasbaby0]

Sorry--your remark that the change could be done  within hours only demonstrates that there is a lot you do not understand about what has to happen when a tax law changes and the IRS and software companies have to effect the changes.  

[Data13]

Just take your 1099-G amount of unemployment money and reduce it by $10,200, and let TurboTax recalculate... problem solved!  🙂