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fed taxes went down
After doing an update on my 2020 Turbotax in April, my fed tax due went down alot. I did no changes on my return. I have not sent it in yet. Is this usual?
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Get your taxes done using TurboTax
It depends.
Did you happen to have unemployment income on your tax return? If so, according to the American Rescue Plan, the first $10,200 on unemployment earned in 2020 could be considered nontaxable if your household income is less than $150,000. Please see the link below for additional information.
IRS Statement on American Rescue Plan
Please see the bottom of the link below as well as your return may have been affected by a few other provisions in regards to the Premium Tax Credit.
How will the 3rd stimulus affect me
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Get your taxes done using TurboTax
No unemployment. I was on California EDD disability.
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Get your taxes done using TurboTax
Most probably your account was adjusted for one of the tax relief measures.
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