Do we need to file a 2020 tax amendment if we submitted and paid our taxes and then IRS revised the rules for Unemployment income (first $10K not taxable) to get refund?

Had previously received communications from Turbotax stating we wouldn't have to do anything to receive the refund from IRS but now I can't find out anything about it.

447

Level 15

Jun 25, 2021 8:37:19 AM

No, DO NOT file an amended return for the $10,200 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. For more information see the following IRS announcements and FAQ.

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

IRS begins correcting tax returns for unemployment compensation income exclusion

IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation

2020 Unemployment Compensation Exclusion FAQs

Level 15

Jun 25, 2021 9:09:12 AM

The IRS has announced their plans on their website.

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Do we need to file a 2020 tax amendment if we submitted and paid our taxes and then IRS revised the rules for Unemployment income (first $10K not taxable) to get refund?