Today the Minnesota legislature changed 2020 taxes on unemployment comp. Will Turbotax update software? ETA?

Please find the new American Rescue Plan which includes changes to the Unemployment Compensation.  Once the IRS implements the changes to the Unemployment Compensation new law and passes the information to TurboTax we will implement as soon as possible.  Here is some information:

The American Rescue Plan provides relief for millions of Americans through numerous measures, including a third round of stimulus checks, unemployment benefit extensions, and expansions of the Child Tax Credit and the federal Earned Income Tax Credit (EITC).

This means if you qualify for a third stimulus check, you could get up to $1,400 for each taxpayer in your household plus $1,400 for each dependent.

• Families earning less than $150,000 a year and individuals earning less than $75,000 a year should get the full $1,400 per person.
• Families earning up to $160,000 per year and individuals earning up to $80,000 per year will receive prorated amounts.
• One notable difference from the first two stimulus is that you will receive stimulus payments for all your dependents, including adult dependents and college students.

To find out if you are eligible and how much you can expect, visit our stimulus calculator.

If you received any stimulus payments, you don't have to pay taxes on it or pay it back. If you didn't receive the correct amount of first or second stimulus payments, you can claim the Recovery Rebate Credit when you file your 2020 taxes and it will provide the same amount of payment as the stimulus would have.

You don’t need to do anything to get your third stimulus check. The IRS will determine eligibility based on your last tax return (either 2019 or 2020) and will likely send your payment to the bank account where your tax refund was deposited.