Do i need to take an action in regards to 2020 tax break if i filed already?

[daniburton665]

I had filed my tax return for 2020 back in April. I had to file my unemployment received last year. I keep hearing about some 2020 unemployment tax break and im not sure exactly what that means and or what to do since I already filed or if there is anything i need to do.

[rjs]

You don't have to do anything. On the tax return that you filed, look at Schedule 1 line 8. If you see the abbreviation UCE and a negative amount on line 8, you already got the tax break. If it's not there, the IRS will recalculate your tax return and send you the additional refund, if any. It might take several months to get it. For details see the following IRS announcement.

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

[RayW7]

If this is related to the unemployment exclusion then you should wait until the IRS has updated your return before filing an amended return.  It's possible that you may only need to amend the state return.

The IRS has asked that taxpayers not amend for the unemployment exclusion, unless the unemployment tax break makes them newly eligible for tax benefits like the earned income tax credit.

• If you already filed your 2020 tax return, you do not need to do anything to get these additional unemployment benefits. The IRS announced that they will automatically adjust your return and send any additional refund amount directly to you. However, some people may now be newly eligible for additional deductions and credits not already included on the original tax return. In these cases, you will likely want to amend your return to claim these additional dollars. Additional information on this is below.

-follow this link for additional information-

I need to amend my state return - TurboTax

Unemployment Stimulus: Am I Eligible for the New ...