When will the new $10,000 unemployment grace from ...
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cometoby
New Member

When will the new $10,000 unemployment grace from federal tax get instituted in turbo tax?

I have not filed my taxes yet, when will turbo tax recalculate my unemployment tax liability?
3 Replies
SweetieJean
Level 15

When will the new $10,000 unemployment grace from federal tax get instituted in turbo tax?

It's $10,200, but TT has to wait until the IRS issues procedures for handling this (as well as all the other provisions in the new tax law).

ctx192021
Level 2

When will the new $10,000 unemployment grace from federal tax get instituted in turbo tax?

Will $150,000 be a sharp cutoff or is there some kind of prorated formula as well?

In other words, if you make 150,001 you do not get that tax break? 

I have found nothing on this on the Internet.

macuser_22
Level 15

When will the new $10,000 unemployment grace from federal tax get instituted in turbo tax?

MAGI must be less then $150K.

 

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

**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.**
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