Good afternoon everyone! I've been holding off on doing our taxes after hearing that the Bill would include the $10,200 tax waiver for unemployment benefits. Now since the bill was signed yesterday, when will TurboTax include that in their software? Is there a set date yet? Thanks all!
It will take awhile until the software can be updated since the IRS has not made any changes to the tax code or issued any guidance.
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.
This can take anywhere from several weeks to several months before it becomes available.
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