![]() ![]() The IRS strongly urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time. A quote from their Twitter, which was replying to basically the same question. If you've already filed your return, the IRS will recalculate your taxes, adjust your account accordingly, and send any refund amount directly to you. I believe as of this date the Federal Government has now officially waived up to 10,200 of Unemployment income you can deduct off of your Federal and State Income taxes for the year. However, if you owe more than that I suggest you do make a payment. 1099-G Unemployment Update for Turbo Tax users as of. Once the state updates their forms, TurboTax will then have to update accordingly. You indicated a preference to wait for a product update related to Unemployment benefits. If you owe under $1,000 the unemployment adjustment should cover that expense. The IRS announced that people who are eligible for the unemployment tax deduction and have already filed their 2020 taxes do not need to file an amended return. The legislation only would affect a federal tax return. Unemployment Stimulus: Am I Eligible for the New Unemployment Income Relief? Ma10:54 AM Until the President signs the legislation there has been no changes to the tax code. This is then carried over and posted to your tax return (1040) on line 8. Then on line 8 there is a UCE (Unemployment Compensation Exclusion) of -$10,200. Did you see the earlier post that stated if you open TurboTax, then click see all returns, then click add a state but do not hit continue & then go back to the home screen and click the three lines in the. It is first recorded on Schedule 1 as Unemployment Compensation on line 7. UPDATE: As of 3/26, the latest update of TurboTax Home & Business is also now showing the adjustment for the 10,200 UI exemption. WASHINGTON (NEXSTAR) The American Rescue Plan Act of 2021 includes guidance on how tax filers c an waive federal tax liability on up to 10,200 of unemployment compensation in 2020.
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