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March 30, 2021
Question

If I receieved a tax break from school but I owed taxes for unemployement therefore I was never going to see it, now that it is excused will i recieve that tax break?

  • March 30, 2021
  • 1 reply
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I recieved a large tax break that reduced how much I owe by alot, but now that the Relief bill has passed will i be refunded that tax break?

1 reply

Hal_Al
Employee
March 30, 2021

Maybe.  There's not a direct correlation between the education credit and the tax on your unemployment.  Your tax liability will be lowered by the reduced income ($10,200 of excluded unemployment income).  Whatever amount of that that was covered by the tuition credit will now be refunded to you.   On the other,  you may only see a reduction in the amount you owe.

 

Just let TurboTax do the calculation. You'll quickly know the result.

 

If you have already filed and paid the balance due, then yes, you can expect a refund on what is now an overpayment.  But it will not match the amount of the tuition credit.