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If you filed with TurboTax Online, TurboTax has updated the software so when you log back in, you'll see a different amount than what you initially submitted. The difference in the refund amounts is what you're eligible to get back.
If you haven't filed a tax return, you could enter your information in TurboTax Online and see your tax refund.
The IRS is now stating: If you have already filed your 2020 Form 1040 or 1040-SR, you should not file an amended return at this time. The IRS will issue additional guidance as soon as possible.
As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020.
My tax return was already approved and I already paid in/ they already took what I owed so I see no new update because everything was already accepted.... I did my taxes back in January before the tax relief was passed.... So what do I do? How can I work out how much I am getting back or get the tax relief? I know I shouldn't file an amend but when I talked to a TurboTax expert on the phone last week they said I should be able to amend today, the 25th, to get my tax relief.
I used TurboTax online and do not see an adjusted refund amount when I log in.
Have you filed/ has your tax return been approved?
Yes it has been filed, approved and received refund on the amount prior to the new changes for unemployment tax.
So you wouldn't see it just like I wouldn't see it. So we are both needing answers on how to get the tax break, how much we are going to be getting back, and how to apply for it.
Agree. The expert said we should of seen an adjustment when we log into our TurboTax account, but nothing has changed. That's why I was confused. We definitely need more direction and answers with this one.
IRS has stated, they will take care of this.
There is nothing for you to do now.
IRS says, do not file an amendment unless asked to do so.
if you are in the 10% bracket, 10%, of 10,200 is 1,020.
This is approximate, since there are other factors.
This was for people who hadn't filed/ the returned hadn't been accepted.
I understand they said that, but there is nothing on the website stating that which is why I am confused and asking questions. How are they going to take care of it? How do I know what I am going to get back if I don't file an amend to make sure it is correct? What is the time line for waiting on the refund? Like there is nothing on the IRS website that I can find other then "If you have already filed your 2020 Form 1040 or 1040-SR, you should not file an amended return at this time. The IRS will issue additional guidance as soon as possible." So I am just looking for answers/ guidance is all.
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