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March 6, 2021
Question

2020 Unemployment Benefit

  • March 6, 2021
  • 1 reply
  • 0 views

When the new stimulus bill is signed into law will the IRS provide Turbotax with updates so that we can file amended returns to account for the $10,200 in unemployment benefits that are not taxable?

    1 reply

    DoninGA
    Employee
    March 6, 2021

    The legislation only would affect a federal tax return.  The various states that tax unemployment compensation would have to make changes to their own tax codes and only if they so desire.

     

    TurboTax nor any other tax preparation software company can do anything until After the IRS has written the rules and regulations after passage of legislation which changes the tax code.