Unemployment income exemption Stimulus

[txmet]

Actually, I found a way using overrides to put it in the exact location with the exact wording the IRS states. I'll proably wait a bit until i see when tt will announce they are updating, if they dont announce a date soon or if its too far out,  I may make the override changes as to the IRS it looks identical to what they asked for, it only impacts the smart run check

[txmet]

actually yours works better than doing override, it put it in the exact spaces needed

[macuser_22]

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@txmet wrote:

Actually, I found a way using overrides to put it in the exact location with the exact wording the IRS states. I'll proably wait a bit until i see when tt will announce they are updating, if they dont announce a date soon or if its too far out,  I may make the override changes as to the IRS it looks identical to what they asked for, it only impacts the smart run check

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And if smart check find an error it will prevent e-filing.

[macuser_22]

Since that is already part of TurboTax, that may well be what will be used and there might not be any  change (other than perhaps added a check box on that screen).

[ariesmason]

IRS has issued guidance. Now what? https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...

[ariesmason]

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

[macuser_22]

Any change made by TurboTax must be approved by the IRS and tested to be sure that what TurboTax sends to the IRS can be read by the IRS computer.  Compatibility testing and approval by the IRS takes time.

It would be useless for TurboTax to transmit information to the IRS that the IRS computer cannot read.  

[mbk114]

BEST ANSWER.....I HAVE USED IT TO FILE!!

@Hal

[LisaBeatty32]

I have already filed taxes and got my payment. Will TurboTax let me know when the new software is in place so I can file an amended return? This is all confusing, not very confusing, just confusing.....confused yet? ☺️

[Hal_Al]

To simplify it:

1. if you have already filed, there is nothing you can do at this time.  You need to WAIT for  instructions from the IRS.  Even if amending turns out to be the solution  (or one of the solutions), the forms and software are not ready. 

2. If you haven't filed yet, the IRS has provided instructions but TT has not updated the software. You should probably wait until they do.  But, if you don't want to wait,  there is  a workaround that appears to work. 

[DianeW777]

The new legislation is passed into law and the IRS will provide us with guidance on how we can provide them with the necessary information, we will work quickly to update TurboTax. We will update this article with the latest information:  How will the 3rd stimulus impact me?

 With this new law, if your household income is less than $150,000, the first $10,200 of unemployment will be tax-free, but any amount you receive above that will be taxed.

Do NOT amend until we have clear and definite direction from the IRS.  Continue to monitor our links for the most current information.

• How will the third stimulus impact me?
• American Rescue Plan: What Does it Mean for You and a Third Stimulus Check
• Where's my third stimulus check?

If later you see information that indicates you should amend you can use the links below.

• How to amend (change or correct) a return already filed (and accepted at the IRS)
  • Review the information here to be sure you need to amend your return.
• Steps to amend my 2020 return

[Gigi20]

I don't understand the run around.  I have been a turbotax / pro series user for years.  I hope this is NOT a turning point in my future purchases.  The question is HOW LONG IS IT GOING TO TAKE YOU TO UPDATE YOUR SOFTWARE after THE LEGISLATION PASS.  Answer the dawg gone question TurboTax.  Thank You!!

[DoninGA]

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@Gigi20 wrote:

I don't understand the run around.  I have been a turbotax / pro series user for years.  I hope this is NOT a turning point in my future purchases.  The question is HOW LONG IS IT GOING TO TAKE YOU TO UPDATE YOUR SOFTWARE after THE LEGISLATION PASS.  Answer the dawg gone question TurboTax.  Thank You!!

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What run around?  The legislation was only just signed on Thursday, 03/11.  Changing the tax code by the IRS and updating the TurboTax software is not instantaneous.

After the legislation has passed Congress and after the President has signed the legislation and after the IRS has written the rules, regulations and procedures.  And after the IRS has changed any forms or schedules to accept the tax code changes.  And after the IRS has approved the changes in the TurboTax program that apply to the tax code changes, then it will be available for the users of the tax preparation software.

See this TurboTax support FAQ for information on the American Rescue Plan - https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

[LisaBeatty32]

Agreed. I really don’t think it’ll take too long once they get direction from the IRS......Hopefully lol. 

[Alex1957]

I have amended the taxes as stated and tried to resubmit them electronically. TurboTax will not let me submit electronically again. Must I mail the amended taxes now?