DanaB27
Expert Alumni

After you file

Correct, the IRS ask taxpayers not to file amended returns because of the $10,200 excluded unemployment. 

 

"For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance." Please see IRS statement American Rescue Plan Act of 2021 for details.

 

If your modified adjusted gross income (AGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income and therefore should get a refund on taxes paid when you filed your 2020 return. But for now you will have to wait on further guidance how this will happen.

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