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Level 2

Question

After e-file

Forum|Forum|5 years ago
April 27, 2021
1 reply
3 views

I e-filed back in February owing both Fed and State 2020 taxes. I just got into turbotax and it did a couple of updates and now it shows a refund for Fed and almost nothing for State tax owed. Why??

Level 15

Did you get any unemployment? There were major changes for that. There is now a 10,200 exclusion. If you have unemployment you can exclude up to 10,200 if your income is under $150,000. Your unemployment compensation will be on Schedule 1 line 7. The exclusion will be on Schedule 1 Line 8 as a negative number. The result flows to Form 1040 Line 8.

If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend. The IRS will be adjusting it for you. See,
https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

Goldenlover100Author

Level 2

Great! Thank you for your help.