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taxes taken out of unemployment received in 2020 was included in my return which was already filed -- now I am hearing that the latest relief package signed indicates that all unemployment payments are not taxable -- what are my options

 
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4 Replies

taxes taken out of unemployment received in 2020 was included in my return which was already filed -- now I am hearing that the latest relief package signed indicates that all unemployment payments are not taxable -- what are my options

You will have to amend the tax return that was filed to get the unemployment compensation exclusion.  But not yet since the IRS has not provided guidance on the procedure.

 

See this TurboTax support FAQ for information on the American Rescue Plan - https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-

taxes taken out of unemployment received in 2020 was included in my return which was already filed -- now I am hearing that the latest relief package signed indicates that all unemployment payments are not taxable -- what are my options

thank you

taxes taken out of unemployment received in 2020 was included in my return which was already filed -- now I am hearing that the latest relief package signed indicates that all unemployment payments are not taxable -- what are my options

Are there any updates regarding my unemployment benefits received in 2020 that are now considered non-taxable after my return has already been filed & a refund issued based on prior unemployment  payments being considered taxable income. Please advise -- thank you

taxes taken out of unemployment received in 2020 was included in my return which was already filed -- now I am hearing that the latest relief package signed indicates that all unemployment payments are not taxable -- what are my options


@jlp54 wrote:

Are there any updates regarding my unemployment benefits received in 2020 that are now considered non-taxable after my return has already been filed & a refund issued based on prior unemployment  payments being considered taxable income. Please advise -- thank you


Yes, see this IRS website for information - https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

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