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With the new unemployment forgiveness thing just introduced, if i had federal tax withheld from my unemployment compensations will i get that back if i amend my return?

 
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AnnetteB6
Expert Alumni

With the new unemployment forgiveness thing just introduced, if i had federal tax withheld from my unemployment compensations will i get that back if i amend my return?

It is possible that you may get some of the withholdings back in the form of a refund due to the recent changes.  However, it will depend on other parts of your tax return as well.  Your overall taxable income will be reduced, which should generate a refund.  

 

That being said, do not amend your return at this time.

 

Take a look at the following TurboTax article and statement from the IRS for details, but there is no step you need to take yet with regard to the changes that affect unemployment.  There will be guidance issued soon by the IRS and TurboTax with regard to steps you may need to take if you have already filed your return or if you have not yet filed.  

 

How will the third stimulus impact me?

 

IRS Statement - American Rescue Plan Act of 2021

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