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Should I pay my 2020 taxes of $525 before May 17th if I am due to get back the unemployment on the $10,200 I paid taxes on.

Forum|Forum|5 years ago
May 8, 2021
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Best answer by DanaB27

No, if you are getting a refund because of the law changes with the unemployment, then you do not have to pay the balance due.

If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.

Please see IRS to recalculate taxes on unemployment benefits; refunds to start in May for additional information.

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DanaB27Answer

No, if you are getting a refund because of the law changes with the unemployment, then you do not have to pay the balance due.

If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.

Please see IRS to recalculate taxes on unemployment benefits; refunds to start in May for additional information.

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haileyl11Author

Thank you for answering my question. It was very helpful and I am very relieved that I do not have to pay the balance since I am getting refunded the taxes I paid on the $10,200 unemployment.