Hi TreLLzD2021,
To answer your two questions about whether or not you're entitled to an unemployment exclusion tax refund and whether or not you have have to file an amendment to get the refund please see the info below about eligibility and the filing of an amendment:
Eligibility:
In short, eligibility for the unemployment compensation exclusion depends on whether or not your unemployment compensation was received in 2020 and your modified adjusted gross income (AGI) was less than $150,000.
To determine if you were under the $150,000 threshold and therefore qualify for the exclusion, subtract all of the unemployment compensation reported on Schedule 1, Line 7, from the amount of your AGI reported on Line 11 of Form 1040, 1040-SR, or 1040-NR.
If you're eligible, you're allowed to exclude up to $10,200 of your unemployment compensation from income on your 2020 Form 1040, 1040-SR, or 1040-NR. This means up to $10,200 of unemployment compensation is not taxable on your 2020 tax return but please note... unemployment compensation amounts over $10,200 are still taxable.
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-a-eligibility
Filing An Amendment:
What if I already filed my 2020 tax return? Do I need to file a Form 1040-X to amend my tax return to report the exclusion?
Unless you're entitled to a new credit or additional deductions there's no need to file an amended return (Form 1040-X) to report the amount of unemployment compensation to exclude. The IRS will perform the corrections starting in late May and continue throughout the summer and into the fall.
If you already filed your tax return, we'll determine the correct taxable amount of unemployment compensation and tax. We'll also adjust any non-refundable or refundable credits that you reported on your return that are impacted by the exclusion. In addition, if you did not claim the Recovery Rebate Credit, Earned Income Credit with no qualifying dependents or the Advance Premium Tax Credit on your tax return, but are now eligible when the unemployment exclusion is applied, you do not need to file an amended return. The IRS will calculate the credit for you and include it in any overpayment.
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-d-amended-return-fo...
Hope that answers your questions,
Ron G, TurboTax Live Expert, CPA
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