The IRS will adjust your tax return and remove the unemployment compensation, excluding up to $10,200 of the reported compensation. If this reduces your 2020 AGI below $150,000 the IRS will calculate a tax refund.
The IRS has started sending refunds for the exclusion starting in May and will continue throughout the summer months.
Go to these IRS websites for information -
You didn't say whether you filed your tax return before or after the unemployment exclusion was implemented in TurboTax. If you filed with TurboTax Online after the change was made (I think it was March 21 for TurboTax Online), then there is no adjustment to be made. The unemployment exclusion was taken into account on the tax return that you filed, if you were eligible for it. If you got the unemployment exclusion, it would appear as a negative amount on Schedule 1 line 8, with the abbreviation UCE on the dotted line to the left of the amount.
If you filed before TurboTax was changed, and if you are eligible for the exclusion, the IRS will recalculate your tax return and send you an additional refund. Do not file an amended return.
You are eligible for the unemployment exclusion if your AGI, not including any unemployment, is less than $150,000. In other words, if you did not already get the unemployment exclusion on your tax return, take your AGI from Form 1040 line 11 of the tax return that you filed, and subtract the full amount of unemployment benefits on Schedule 1 line 7. If the result is less than $150,000 you are eligible for the unemployment exclusion and the IRS will recalculate your tax return.
Here's another link on the IRS web site with extensive questions and answers about all aspects of the unemployment exclusion.