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Should I call the turbotax people to inquire how the new unemployment laws change the taxes?

 
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Should I call the turbotax people to inquire how the new unemployment laws change the taxes?

You are posting from TurboTax Live Full Service so if you need the live help you are paying the extra fee for, go ahead and call them.

 

https://ttlc.intuit.com/community/taxes/discussion/how-to-contact-my-full-service-expert/00/1950947

 

If you are not really using that version of the software, what do you need to know about the unemployment tax law changes?   The current TurboTax software is up to date for the unemployment tax law and can calculate how much--if any--of your unemployment is taxable.   All you have to do is enter your 1099G in the right place and the software will take care of it.   The first $10,200 of unemployment is not taxed by the federal government---many but not all states have similar laws now.  If you prepared and filed your tax return BEFORE the tax law changed the IRS is issuing extra refunds after they recalculate for you.   You do not need to amend your tax return.

 

 

Please ask specific questions so we know how to help.

The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.   

 

 

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.  The refunds are being sent out in batches—starting with the simplest returns first.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...

 

 

Please read this very recent news from the IRS:

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...

 

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs

 

 

 

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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