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hylandlipski
New Member

The '21 Stimulus Bill is making it so 2020 unemployment benefits are not taxed. Has this change been enacted in TurboTax? I.E. will the unemployment I received be taxed?

The amendment in the final stimulus bill will make the first $10,200 in unemployment benefits received in 2020 non-taxable. Has this been noted in TurboTax yet? I want to make sure that the unemployment I received will not be automatically taxed in TurboTax.
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SweetieJean
Level 15

The '21 Stimulus Bill is making it so 2020 unemployment benefits are not taxed. Has this change been enacted in TurboTax? I.E. will the unemployment I received be taxed?

This bill has not yet been enacted into law.  Assuming it does, the IRS must then develop procedures for handling it; which TT must then program, test and then have approved by the IRS. So stay tuned.

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4 Replies
macuser_22
Level 15

The '21 Stimulus Bill is making it so 2020 unemployment benefits are not taxed. Has this change been enacted in TurboTax? I.E. will the unemployment I received be taxed?

No.  It is not even law yet and if it becomes low then the IRS must develop the regulations and methods of implementing it.  Could take months.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
SweetieJean
Level 15

The '21 Stimulus Bill is making it so 2020 unemployment benefits are not taxed. Has this change been enacted in TurboTax? I.E. will the unemployment I received be taxed?

This bill has not yet been enacted into law.  Assuming it does, the IRS must then develop procedures for handling it; which TT must then program, test and then have approved by the IRS. So stay tuned.

View solution in original post

majestie
New Member

The '21 Stimulus Bill is making it so 2020 unemployment benefits are not taxed. Has this change been enacted in TurboTax? I.E. will the unemployment I received be taxed?

I'm waiting to see what happens after.  Will we have to amend it.  If this goes through?

npierson7
Level 1

The '21 Stimulus Bill is making it so 2020 unemployment benefits are not taxed. Has this change been enacted in TurboTax? I.E. will the unemployment I received be taxed?

You might have to amend, you they can do a credit for 2021. There is no information from the IRS regarding unemployemtn exclusion yet. 

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