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hawkeyes01
New Member

When will Turbo Tax support the The American Rescue Plan Act for unemployment?

Waiting to file.
2 Replies
RayW7
Employee Tax Expert

When will Turbo Tax support the The American Rescue Plan Act for unemployment?

There is currently no information on when the IRS will issue instructions on exempting 2020 unemployment compensation from federal tax.

 

As soon as the IRS issues instructions on how to report newly-exempt 2020 unemployment payments, TurboTax will make the necessary updates to its programs. Until those changes are made, you have two options:

 

1. File now and amend your return later, after updates have been made.

2. File after IRS instructions are released and the programs have been updated.

 

ericyister
Level 1

When will Turbo Tax support the The American Rescue Plan Act for unemployment?

Just wait until TurboTax updates the software to take the 10,200 unemployment exemption into account. Hopefully, this should be done by end of march. 

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