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March 24, 2021
Question

Will federal refund be higher now even if not showing on turbo tax since unemployment tax is now being returned?

  • March 24, 2021
  • 1 reply
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1 reply

DMarkM1
March 24, 2021

Excluding the unemployment benefits from taxable income will lower your tax bill on your tax return.  If you are getting a refund, the refund will be increased.  If you owed taxes, the amount you owed will be reduced. 

 

If you have already filed your 2020 tax return then the IRS will make the unemployment benefit adjustments and notify you of the changes. 

 

 

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