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jdpanther55
New Member

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

 
7 Replies
rjs
Level 15
Level 15

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

DO NOT amended your 2020 tax return for the unemployment exclusion. The IRS is going to recalculate your tax return and send you the additional refund. It might take several months to get it. There is no way to know in advance when you will get it. For details see the following IRS announcements.


IRS to recalculate taxes on unemployment benefits; refunds to start in May


IRS begins correcting tax returns for unemployment compensation income exclusion

 

Critter-3
Level 15

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

If you filed before the $10,200 unemployment exclusion, the IRS will recalculate your return for you. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.


See this new IRS announcement May 14, 2021
https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

You may need to amend your state return
https://ttlc.intuit.com/community/state-taxes/help/do-i-need-to-amend-my-state-return/00/2134732

rjs
Level 15
Level 15

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

Your tax return is the form you send to the government that shows your income and calculates your tax. The money the government sends back to you is your refund. You don't receive your tax return. You send your tax return to the government. You receive your refund.

 

Jennlp24
Returning Member

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

Will it show up in our bank direct deposit that it is from the IRS or from unemployment?

rjs
Level 15
Level 15

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

It will be from the IRS.

 

Mark202020
New Member

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

Still waiting on this refund.. Many others have received it. Any updates? Nothing new since June??

Thanks, Mark

xmasbaby0
Level 15

Do I need to amend my 2020 tax return?When will I receive my federal unemployment tax return?

@Mark202020 The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.   

 

 

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.  The refunds are being sent out in batches—starting with the simplest returns first.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...

 

 

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-m...

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...

**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.**
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