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Will i get unemployment tax refund onnthe 10,200 drom unemployment
Will i get unemployment tax refund on the 10,200 from unemployment
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July 17, 2021
4:31 PM
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Get your taxes done using TurboTax
The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.
The IRS began to send out the additional refund checks for tax withheld from unemployment in May. The refunds are being sent out in batches—starting with the simplest returns first. If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months. TurboTax cannot track or predict when it will be sent. The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.
https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...
Please read this very recent news from the IRS:
https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...
https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...
https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
July 17, 2021
4:41 PM
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Get your taxes done using TurboTax
- How do I know if I should be expecting additional refund based on the (up to) $10,200 unemployment exclusion?
- Prepare a test return with $10,200 less income and compare the result to the original return. You can use this tool
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1
If your tax liability was already zero, it's unlikely that you will be getting more. But, it's possible, particularly if you become eligible for more EIC.
July 18, 2021
5:10 AM