If you filed your 2020 federal tax return on or after 03/26/2021 the exclusion will be calculated on your tax return.
The exclusion is reported on Schedule 1 Line 8 as a negative number. The unemployment compensation received is on Line 7 of Schedule 1. The result flows to Form 1040 Line 8.
If you filed your tax return before 03/26/2021 there is nothing you need to do. The IRS is calculating the tax refunds for the unemployment compensation exclusion for those eligible. The IRS started issuing the refunds in May and will continue issuing refunds throughout the summer months.
Go to this IRS website for information - https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...
