Question

I heard it we paid taxes on the 10,000 we are supposed to be exempt from , we will be getting back the money, is this true , any details?

Forum|Forum|5 years ago
May 1, 2021
1 reply
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I mean the increase in child benefits, that didn't go into affect till right after I got my return, also I paid taxes on the exempt 10,000 from last year covid lockdown.
Anyone know what's the plan?

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xmasbaby0

Employee

Here is why you do NOT amend your federal return for unemployment:

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

You might need to amend your state--depending on what state you are in.

That CTC increase is not for 2020; it is for 2021. Your 2020 return does not have to be amended for it. More information will be available soon; the details of how it will be implemented have not yet been clarified fully. There may be monthly payments going out beginning in July 2021, with some of the CTC still left as a refundable credit on your 2021 tax return next year.

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**