rjs
Level 15
Level 15

Deductions & credits

@JPD6 

 

UPDATE MARCH 31


The IRS just issued the following announcement a few minutes ago.


IRS to recalculate taxes on unemployment benefits; refunds to start in May


So, for tax returns that have already been filed with unemployment income, the current IRS instructions are still to NOT file an amended return. The IRS will recalculate the tax return that you already filed, but it might take several months. See the IRS announcement for details. You should not do anything. Just wait for the IRS to take care of it.


For tax returns that have NOT been filed yet, TurboTax has been updated to include the $10,200 unemployment exclusion.