Question

2020 Unemployment income

Forum|Forum|5 years ago
April 12, 2021
1 reply
0 views

My Federal return was accepted electronically but I owe $3846.

That number has changed since first 10,2K of unemployment no longer taxable. What do I owe now?

I'm not paying the full amount and waiting for a refund as i don't have that amount.

I've paid you for your services so answer my question before April 15th, 2021 to avoid any late penalties.

E

ee-ea

Employee

See this from the IRS https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

and this FAQ

https://ttlc.intuit.com/community/internal-revenue-service/help/how-is-my-state-taxing-unemployment-income/00/2065458

Critter-3

@lmpawlak5

First if you still have a balance due on the return after the unemployment correction then you have until MAY 17th to make the payment. The IRS will be recalculating the already filed returns with unemployment on them sometime in May ... to see the new balance due or refund then open the filed return and look at the bottom line. When you open the return the program the correction will be made automatically.

Log in and at the Tax Home or in the section "Your Tax Returns & Documents" for 2019, look for a link "Add a State."
Click on "Add a State." (you don't really add one. That's just to open your return back up.)
After the return is open, click in the left menu column on TAX TOOLS, then PRINT CENTER.
Then choose "Print, save, view this year's return."