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pudge371
New Member

Has anyone received there tax credit for the first 10,200 of unemployment benefits in 2020?

 
3 Replies
DoninGA
Level 15

Has anyone received there tax credit for the first 10,200 of unemployment benefits in 2020?

The IRS started issuing the tax refund for the unemployment compensation exclusion in May and will continue sending the refunds throughout the summer months.

Go to these IRS websites for information -

 

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs

Autumnbeesley
New Member

Has anyone received there tax credit for the first 10,200 of unemployment benefits in 2020?

My question is how do we know WHEN we need to amend our returns or will the IRS fix ALL of our tax forms.. I'm sitting here in agony debating what step do I take. Amend or wait.

xmasbaby0
Level 15

Has anyone received there tax credit for the first 10,200 of unemployment benefits in 2020?

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...

 

 

Please read this very recent news from the IRS:

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

 

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...

 

 

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs

 

 

 

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...

You *might* need to amend your state return for unemployment that was taxed by your state.

 

 

https://ttlc.intuit.com/community/state-taxes/help/do-i-need-to-amend-my-state-return/00/2134732

 

https://www.kiplinger.com/taxes/state-tax/602307/taxes-on-unemployment-benefits-a-state-by-state-gui...

 

 

https://www.kiplinger.com/taxes/602542/irs-sending-more-unemployment-tax-refund-checks-in-june?rid=E...

 

 

 

https://www.cnet.com/personal-finance/taxes/more-unemployment-tax-refunds-are-arriving-but-when-here...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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