☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 25, 2021 10:45:22 AM

On amended fileingtax credit of $10200

we get back $459 from state but have to py $457 to fed

0 2 426
2 Replies
Employee Tax Expert
Jun 25, 2021 11:00:14 AM

Below is from IR-2021-123 on 6/4/2021:

The American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. The $10,200 is the maximum amount that can be excluded when calculating taxable income; it is not the amount of refunds.

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-paid-taxes-on-2020-unemployment-compensation

Most taxpayers do not need amend their 2020 Federal tax returns, but to wait for IRS auto adjustment per the announcement.

Level 15
Jun 25, 2021 11:15:02 AM

@bluertl 

 

REVIEW the entire amended return against the original to see what happened ... it is possible that you may need to amend the return once the IRS is done if you had EIC on the return and using the 2019 earned income for the EIC or CTC credits would get you more refund than the now lower 2020 income.