DanaB27
Employee Tax Expert

Get your taxes done using TurboTax

If you had unemployment on your return then the IRS will make the adjustment automatically. 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.

 

 

If you didn't have unemployment on your return then you will have to have to file an amended return (1040X). Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see FAQ How to amend a tax return for instructions.

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