I have not heard from TurboTax for an update on how much I will actually owe after the tax break from the cares act or if I will actually be receiving money back instead of owing money. Please update.
The tax refund for the unemployment compensation exclusion is being calculated and sent by the IRS starting in May and then throughout the summer months for all the taxpayers who are eligible.
TurboTax receives no information from the IRS concerning any type of tax refund.
Go to this IRS website for information - https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-paid-taxes-on-2020-unemployment-compensation
Go to this IRS website for unemployment compensation exclusion FAQ's - https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs
Q. What is the status on the unemployment tax break?
A. In progress. When depends on the complexity of your return. The IRS has just begun (May 14) sending out refunds for the simpler returns (single taxpayers who had the simplest tax returns, such as those filed by taxpayers who did not claim children or any refundable tax credits).
For details, see: https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-exclusion-periodic-payments-to-be-made-may-through-summer
Q. I have not heard from TurboTax (TT) for an update on how much I will actually owe after the tax break from the cares act or if I will actually be receiving money back instead of owing money. Please update.
A. You will not hear anything from TT. This is between you and the IRS, at this point. TT will post generalized updates, here, as they are made available.
When will payments come https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...
States https://ttlc.intuit.com/community/state-taxes/help/do-i-need-to-amend-my-state-return/00/2134732
MAGI application https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation