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Will i get a refund on unemployment for 2020 i paid taxes on and told not to ammend

i cant seem to get a good answer but would still like to know
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2 Replies

Will i get a refund on unemployment for 2020 i paid taxes on and told not to ammend

The IRS will be adjusting tax returns with unemployment compensation entered to exclude up to $10,200 of the UC if the taxpayer is eligible for the exclusion.  This process should start in May with the IRS sending refunds to taxpayers based on the excluded UC.

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

RayW7
Expert Alumni

Will i get a refund on unemployment for 2020 i paid taxes on and told not to ammend

The bill makes the first $10,200 of federal unemployment income ($20,400 for married filing jointly) tax-free for households with income less than $150,000. The legislation excludes only 2020 federal unemployment benefits from taxes, not unemployment income received in 2021.

 

When will I get my additional unemployment refund from the IRS?

According to the IRS, they will send payments in two phases:

  • Phase 1: The IRS will adjust returns for taxpayers eligible for up to $10,200 exclusion. Payments for phase 1 are expected to start in May.
  • Phase 2: The IRS will adjust returns for those married filing jointly taxpayers who are eligible for the up to $20,400 exclusion and others with more complex returns. No specific timing has been given for phase 2 payments.

The good news is the the IRS has reviewed the first round of Unemployment Calculation Exclusion (UCE)  for about 21,000 filers. 

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