PattiF
Expert Alumni

Get your taxes done using TurboTax

This information from the IRS website states that there will be a refund of the excess advance premium tax credit repayment. The details are to be worked out.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Once the details are finalized for unemployment, you will receive a refund of the taxes that were withheld, since that will be excess taxes paid.

 

If you have already filed your taxes:

 

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are 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. 

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

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post