Question

I read that the newest Covid Relief package signed 3/6/21 allows for the first $10,200 of UI to be deductible in 2020. Is this correct? I already filed, should I amend?

Forum|Forum|5 years ago
March 7, 2021
2 replies
0 views

I collected unemployment for 6 months, exceeding $10,200 in benefits.

TurboTax Deluxe Online

Employee

That tax law has not yet been signed into law by the President. When that happens then the IRS will need to change the tax forms, the programmers have to change the software, and then the IRS has to approve of their software. That will take time---we do not know yet when all of those changes will be accomplished. As soon as more is known, TurboTax will provide information.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Employee

No, you do not amend your tax return at this time.

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.