With the new Stimulus Bill (no tax on $10,200 of unemployment) and Maryland Relief (no state tax on unemployment) - will this be automatically calculated soon?

[DoninGA · Accepted solution]

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.

[officelyn58]

I already filed and have to pay taxes to IRS but with the new Stimulus Bill I know I need to amend my return but what happens if I paid the tax due? Will the IRS send me a refund check then? Also if it takes months for Turbo Tax to update for 2020 taxes, is there a time frame on amending your 2020 return?

Linda

[MaryM428]

The bill did pass today, but we do not yet know how the IRS will handle this.  You are asking the same questions that we all are asking and waiting to have answered.

The bill gives federal tax relief for the first $10,200 in unemployment for 2020.  

[Tommy22]

What if you already filed and received your return after the Stimulus bill passed,  will they calculate and send me my refund or do I have to file an amendment to my 2020 taxes?

[Irene2805]

If you haven't filed your tax return, the update for the unemployment benefits has been added to TurboTax Online.  Just enter the unemployment benefits reported to you on Form 1099-G and TurboTax will automatically subtract $10,200.

We are working on incorporating the changes to TurboTax CD/Download as quickly as we can.

If you have already filed your return, the IRS has stressed -- DO NOT amend at this time. We do not yet have updated guidance for those who have filed their returns, but please see this TurboTax Help article:  How do I get the new unemployment benefits if I’ve already filed my taxes?  It has the latest information and contains a link for you to sign up to be notified when changes occur.

@Tommy22