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Is there anyway to calculate what your amended return for the 10200 Unemployment tax break will be?

 
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2 Replies
RayW7
Expert Alumni

Is there anyway to calculate what your amended return for the 10200 Unemployment tax break will be?

It would be very difficult to determine the exact amount of the refund from the Unemployment Exclusion as it depends on your tax rate and the amount of withholding.

 

However, you could guestimate by taking your effective tax rate and multiplying it by your unemployment earnings (up to $10,200).  

 

Keep in mind the IRS has asked that you not file an amended return for this adjustment - there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you

 

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Unemployment Stimulus: Am I Eligible for the New ...

Is there anyway to calculate what your amended return for the 10200 Unemployment tax break will be?

The change in income can also affect some of your deductions and credits.

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