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S
stina1313
March 13, 2021
Question

The new bill allows no federal tax on the first $10,000 of unemployment. How do we apply this to our return?

  • March 13, 2021
  • 1 reply
  • 0 views
What form do we need to fill out and how is this done in TurboTax? Should we wait to file as the system updates or will it already be applied?

1 reply

J
JotikaT2
March 13, 2021

It is still being determined at this point by the IRS.  Accordingly the newly passed legislation, the first $10,200 on unemployment earned in 2020 would be considered nontaxable if your household income is less than $150,000.

 

IRS Statement on American Rescue Plan

 

Once the IRS issues some guidance, TurboTax will be able to update their software accordingly.  

 

How will the 3rd stimulus affect me

 

 

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