You should pay the balance due on your return. The IRS will automatically review your return and make an adjustment for the unemployment benefits.
According to the IRS, they will send payments in two phases:
- Phase 1: The IRS will adjust returns for taxpayers eligible for up to $10,200 exclusion. Payments for phase 1 are expected to start in May.
- Phase 2: The IRS will adjust returns for those married filing jointly taxpayers who are eligible for the up to $20,400 exclusion and others with more complex returns. No specific timing has been given for phase 2 payments.
Check back to this TurboTax blog for the most current information: Unemployment Stimulus: Am I Eligible for the New Unemployment Income Relief?
