Question

Do I need to amend my 2020 tax return for the unemployment compensation?

Forum|Forum|4 years ago
July 14, 2021
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TurboTax Deluxe Online

Employee

No, you do not need to file an amended tax return for the unemployment compensation exclusion.

If you filed your tax return with unemployment compensation entered and it was filed before the exclusion was effective, the IRS is calculating the tax refund for the exclusion which is a separate tax refund.

The IRS started sending refunds in May for those that were eligible based on the unemployment compensation exclusion. The IRS will continue sending refunds in batches for the next several months.

Go to these IRS websites for information -

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs