You'll need to sign in or create an account to connect with an expert.
As of today, unemployment is still subject to federal income tax - that could change later today or very soon thereafter.
There is a bill pending in Congress (and likely to pass) that will exempt up to $10,200 of unemployment from 2020 taxes for those with adjusted gross incomes less than $150,000.
When it passes (as expected), the IRS will issue guidance on how early filers can take advantage of the change in 2020 tax law.
If you are required to amend your return, see How do I amend my 2020 return? for instructions.
Turbotax needs to update where we can get updates on how IRS plans on refunding those of us who already efiled and paid the taxes on the unemployment.
The IRS has stated that the taxpayers affected should not file an amended return. The IRS will reprocess those returns and send a refund.
Below is an IRS link with the latest:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Cat_Sushi
Level 2
APK01
Level 1
terrys-mail2
New Member
johnnyiscooll
New Member
razor5
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.