When will the $10,200 of unemployment tax exemption go into effect?

[fpmitchell]

The Preseident has signed the bill and it is law now.  The IRS has made a ruling.  How is Turbo tax going to handle this law

[DoninGA]

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@fpmitchell wrote:

The Statndard answer this question that you have posted was put together before the bill was passed.  I need to know how turbo tax is going the handle my unemployment exemption for 2020

Thanks

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Both of these links are the latest from TurboTax (03/16) and the IRS (03/12)

See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

[DoninGA]

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@fpmitchell wrote:

The Preseident has signed the bill and it is law now.  The IRS has made a ruling.  How is Turbo tax going to handle this law

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See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

[dtzak]

DonInGA should hold his breath, because he is a condescending clown.

[dtzak]

Already done. When does TT get their $hit together?

[DoninGA]

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@dtzak wrote:

Already done. When does TT get their $hit together?

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See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

[dtzak]

Do you how to read?

IRS already issued guidelines.

[Lumberjack1970]

I agree 100%!!!!!!

Turbo Tax should without a doubt have the answer no later than the very first part of next week

The IRS has already issued statements as to how the unemployment earnings exemption of $ 10,200.00 can be achieved.

Now all it takes is for Turbo Tax or any other online tax program to provi9de the ability

Whoever is 1st I believe will be the tax software company to get the markjet share of filers this year.

Come on Turbo tax get r done

[stephaniesn]

The IRS said to change Schedule1 but I can not change the figures as they say

[DeanLefebvre1]

I believe that in order to do so it will require a programming change on the part of Turbo tax

[Irene2805]

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.

For information on these unemployment benefits, please see the TurboTax Help articles below.  You can sign up to be notified when the information becomes available:

• If you have already filed: How do I get the new unemployment benefits if I’ve already filed my taxes?
• If you have not yet filed: How do I claim the new unemployment benefits in TurboTax?

@DeanLefebvre1

[Mikkel]

We can all relax now!! IRS is moving the tax deadline to mid-May!!!

[wjrobertson]

It has passed.  It is law.  Should I amend my return before paying taxes due?

Thanks!!

Wanda

[JohnB5677]

If you've filed your return, do not do anything yet.   If you haven't filed you should hold off.  The software updates should be coming out soon.

The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of economic impact payments, including the unemployment benefit will be forthcoming.

The IRS strongly urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time. The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable.

For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return.

TurboTax is developing the software required to process all of the new conditions.

Edited 03/18/2021

[Hal_Al]

Q. Should I amend my return before paying taxes due?

A.  No.  At least, not yet.  The filing and payment date have been extended to May 17. Wait for further instructions.