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May 1, 2021
Question

I received unemployment last yr and failed to take taxes out because it is now tax free do I have to pay money I owe 347$?

  • May 1, 2021
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1 reply

May 1, 2021

you would have to recompute your return to see what this does to the taxes you originally owed.  you will owe less but you could still end up owing a smaller amount or be due a refund. you haven't provided enough info for us to determine what your revised status would be.  

you could try to see by re-opening your as if trying to amend. I warn you about opening the return that was filed without using the amend function. you could be changing your adjusted gross income from what was on the original return. this could prevent you from e-filing for 2021 because the IRS 2020 AGI would be based on the original return while TT would use the revised AGI.