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April 1, 2021
Question

Do I need to do an amended return if I had over $10,000 of unemployment income in 2020?

  • April 1, 2021
  • 1 reply
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1 reply

DoninGA
Employee
April 1, 2021

If you filed a 2020 tax return reporting your unemployment compensation but before the exclusion was available, then do not amend your 2020 tax return.

The IRS will apply the exclusion and refund any amount based on the changes to your tax return.  Go to this IRS website for information - https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may