Yes, the IRS will recalculate your return and issue you a refund. You do not need to file an amended return unless the calculations make you newly eligible for additional federal credits and deductions not already included on the original tax return.
Please see IRS to recalculate taxes on unemployment benefits; refunds to start in May for details.
If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.
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