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March 12, 2021
Question

How is turbo tax handling $10,200 unemployment tax break and when

  • March 12, 2021
  • 1 reply
  • 0 views
is turbo tax updating to handle this recent change

    1 reply

    DoninGA
    Employee
    March 12, 2021

    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