@memcclain66 wrote:
I am very confused about the Unemployment Tax Break.
I filed my taxes on March 16th. (Thinking that the TurboTax software would apply the $10,200 unemployment tax break. I was wrong.) Due to unemployment and not enough taxes were taken out, I had to pay and I did it.
After research, I saw that TurboTax now works with the Tax Break. When I go back to my return, it now says I am eligible for an actual refund.
Will I get that refund? Will I be refunded the money I paid? Do I need to amend my tax return?
Thanks!
The unemployment compensation exclusion update was not released as a TurboTax software update until 03/26/2021.
You do not need to amend your tax return. The IRS will be calculating and issuing tax refunds based on the exclusion starting in May and through the summer.
Go to this IRS website for information - https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...
And this IRS website for exclusion FAQ's - https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs
