Question

Has the software download been updated for unemployment and health tax premiums?

Forum|Forum|5 years ago
March 29, 2021
1 reply
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I received both health tax premiums and unemployment compensation in 2020. Has the software download for PC been updated yet to reflect the changes passed in the recent stimulus bill?

Technical Help

J

JamesG1

This IRS FAQ states:

The IRS is reviewing the tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021. Taxpayers who filed a 2020 tax return and reported an excess advance premium tax credit repayment on Line 29 of Form 8962, Premium Tax Credit, should not file an amended tax return only to get a refund of this amount. The IRS will provide more details soon.

TurboTax is up-to-date with the latest federal changes for unemployment. Check your state's updates here.

The IRS considers unemployment compensation to be taxable income which you must report on your federal tax return. State unemployment divisions issue an IRS Form 1099-G to each individual who receives unemployment benefits during the year. States vary in how they tax unemployment compensation.

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