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Do we need to file an amended 2020 tax return to get the tax credit for the unemployment or is the IRS doing it automatically?

 
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rjs
Level 15
Level 15

Do we need to file an amended 2020 tax return to get the tax credit for the unemployment or is the IRS doing it automatically?

If you already filed your tax return, DO NOT file an amended return for the $10,200 unemployment exclusion. The IRS is going to recalculate your tax return and send you the additional refund. It might take several months to get it. For details see the following IRS announcement.


IRS to recalculate taxes on unemployment benefits; refunds to start in May

 

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2 Replies
rjs
Level 15
Level 15

Do we need to file an amended 2020 tax return to get the tax credit for the unemployment or is the IRS doing it automatically?

If you already filed your tax return, DO NOT file an amended return for the $10,200 unemployment exclusion. The IRS is going to recalculate your tax return and send you the additional refund. It might take several months to get it. For details see the following IRS announcement.


IRS to recalculate taxes on unemployment benefits; refunds to start in May

 

Do we need to file an amended 2020 tax return to get the tax credit for the unemployment or is the IRS doing it automatically?

Thank you.  I just wanted to be sure. 

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