- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is unemployment for 2020 not taxable for the first $10k? IF so how do I amend my form?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
As of today, unemployment is still subject to federal income tax - that could change later today or very soon thereafter.
There is a bill pending in Congress (and likely to pass) that will exempt up to $10,200 of unemployment from 2020 taxes for those with adjusted gross incomes less than $150,000.
When it passes (as expected), the IRS will issue guidance on how early filers can take advantage of the change in 2020 tax law.
If you are required to amend your return, see How do I amend my 2020 return? for instructions.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
Turbotax needs to update where we can get updates on how IRS plans on refunding those of us who already efiled and paid the taxes on the unemployment.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
The IRS has stated that the taxpayers affected should not file an amended return. The IRS will reprocess those returns and send a refund.
Below is an IRS link with the latest:
**Mark the post that answers your question by clicking on "Mark as Best Answer"