in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
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Here is why you do NOT amend your return for unemployment:
Please read this very recent news from the IRS:
Yes. Per the IRS, an adjustment will be calculated and your refund will be issued to you automatically, if you qualify.
If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $10,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation. If you file Form 1040-NR, you can’t exclude any unemployment compensation for your spouse.
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