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I filled my taxes already and I just found out about the UI tax break I qualify 4, I was told not amend my taxes that the IRS will process it, just will take longer.

I am wondering with this tax break will it change the amount I am getting back? or will I owe? I paid the max amount in taxes, to be taken out from each pay so I wouldn't owe.
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2 Replies
DMarkM1
Employee Tax Expert

I filled my taxes already and I just found out about the UI tax break I qualify 4, I was told not amend my taxes that the IRS will process it, just will take longer.

Excluding the unemployment benefits from taxable income will lower your tax bill on your tax return.  If you are getting a refund, the refund will be increased.  If you owed taxes, the amount you owed will be reduced.  This only affects your 2020 tax return.  

 

Your withholding numbers are now for tax year 2021 and are not affected by this provision.   

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I filled my taxes already and I just found out about the UI tax break I qualify 4, I was told not amend my taxes that the IRS will process it, just will take longer.

Thanks for the info! I owe a little for health insurance not sure if it counts, otherwise nothing owed. And I am getting a refund for working part of the year and having a dependent. 
I’m hoping this change doesn’t take too much extra time to process my return.

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