What to do if we have already filled now that a new covid relief bill has passed waving some unemployment. Do I amend? Will I receive an updated form from unemployment?

Forum|Forum|5 years ago
March 15, 2021
1 reply
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I have filled and received my return, but now the new bill is waving some off the unemployment received and I'm not sure when or if I need to manage my return or if it will work itself out.

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DanaB27

If you have already filed then please do not amend your 2020 tax return, the IRS will soon provide taxpayers with additional guidance what to do. If you want to receive updates then please sign up here.

If your modified adjusted gross income (AGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income.

"For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance." Please see IRS statement American Rescue Plan Act of 2021 for details.

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Divot1955

How should I exclude the $10,200 of unemployment compensation paid in 2020 from your taxable income? Is there or will there be a form for this action?

DoninGA

Employee

@Divot1955 wrote:

How should I exclude the $10,200 of unemployment compensation paid in 2020 from your taxable income? Is there or will there be a form for this action?

See this TurboTax support FAQ for information for the unemployment compensation exclusion - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...

Also see this IRS statement - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021