Retroactive changes to 2020 taxes

Forum|Forum|5 years ago
March 16, 2021
2 replies
18 views

One week after I filed my taxes through TurboTax (thank you, TurboTax!) I heard that the IRS is now "forgiving" about $11K of supplemental unemployment benefit taxes.
1) Can you confirm this is truth?

2) If true, how will this affect my return since this decision made by the government will have happened after my return was filed?

Not A Product Question

warrenfamilyx6

Level 2

I also need to know what to do regarding how to make the adjustment to my already filed taxes to get credit for my unemployment benefits

DawnC

Level 15

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments is 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. The IRS will provide additional guidance about what you need to do to take advantage of this relief if you already filed your 2020 tax return. We are currently updating TurboTax to reflect the changes in tax law.

If you’d like to be updated when the information becomes available, please sign up here. @warrenfamilyx6

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