Question

With the house set to approve $10,200 of unemployment being tax free, with turbo tax automatically adjust this in their system? I'm waiting to file because of it.

Forum|Forum|5 years ago
March 10, 2021
4 replies
0 views

This will make a huge difference for me just wondering if it will reflect quickly on turbo tax side or what.

TurboTax Live Self Employed

Employee

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.

fanfare

Employee

tax break on UI payments is a 2021 law. that goes on your 2021 tax return if you collect UI in 2021.

C

CM2150

Nope. The new law is an exemption against 2020 Unemployment received and applies to 2020 taxes

G

Girle2077

When should I be filing my taxes to get the credit?

D

Dkfowl

Yeah, it should be that way, normally, but the leg work for this should of been done. It should just need applied to tax programs. This was known about for several months. With democratic majority, also, made it inevitable. So the planning and details should of been all worked out.