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The IRS is calculating the tax refunds for the unemployment compensation exclusion for those that are eligible. The IRS is sending the refunds in batches throughout the summer months starting in May. These refunds are separate from any federal tax refunds. You do not need to amend your 2020 federal tax return.
Go to these IRS websites for information -
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs
Not everyone will benefit from that exclusion ...
You will get a federal income tax refund for the unemployment exclusion if all of the following are true.
If all four of those conditions are true, The IRS will recalculate your tax return and send you the refund. It might be a couple of months before you 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 continues unemployment compensation adjustments, prepares another 1.5 million refunds
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