ErnieS0
Expert Alumni

Retirement tax questions

TurboTax is waiting for IRS guidance on how they will handle exempt unemployment for people how have already filed tax returns.

 

The IRS says, "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."

 

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020.

 

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