Question

How to amend unemployment taxes for 2020? Already paid and now turbo said to amend it to get my money back

Forum|Forum|5 years ago
April 29, 2021
1 reply
0 views

No text available

TurboTax Premier Online

Employee

If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend. The IRS will be adjusting it for you. See,

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

You can log back into your return and it should automatically update your return and show you the new refund. But the updated return won't be sent. The IRS will adjust it for you.

If you have unemployment you can exclude up to 10,200 for each person if your income is under $150,000. Your unemployment compensation will be on Schedule 1 line 7. The exclusion will be on Schedule 1 Line 8 as a negative number. The result flows to Form 1040 Line 8.

B

bamzlerAuthor

Thank you!

I received an email from turbo tax saying that I need to amend my federal return in order to receive it

L

linaj20201

The email refers to, other than the unemployment exclusion, if you qualify for any additional credits and deductions due to a lower AGI, you should amend your federal tax return. If the only reason you amend is the unemployment exclusion, you do not need to amend.

For details from the IRS, click here: No amendment

Per IRS, "There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return."

@bamzler