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jhatchdaniels
Returning Member

I’ve already filed my 2020 state and federal returns and the new stimulus bill will forgive $10,200 in unemployment benefits. This will significantly lower my taxable income. What do I do now?

 
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4 Replies
ee-ea
Level 15

I’ve already filed my 2020 state and federal returns and the new stimulus bill will forgive $10,200 in unemployment benefits. This will significantly lower my taxable income. What do I do now?

WAIT!  Wait  for the taxing authorities to issue instructions.

I’ve already filed my 2020 state and federal returns and the new stimulus bill will forgive $10,200 in unemployment benefits. This will significantly lower my taxable income. What do I do now?

assuming it stays in all the way to the end,

that's a 2021 tax break for your 2021 tax return.

vu8
Level 2

I’ve already filed my 2020 state and federal returns and the new stimulus bill will forgive $10,200 in unemployment benefits. This will significantly lower my taxable income. What do I do now?

That would be lovely and clean! No need to file messy 2020 amended returns. Win Win for both IRS and tax filers. 

jhatchdaniels
Returning Member

I’ve already filed my 2020 state and federal returns and the new stimulus bill will forgive $10,200 in unemployment benefits. This will significantly lower my taxable income. What do I do now?

This according to CNBC yesterday:

As part of that compromise, Democrats added language to the bill that would provide a tax waiver on up to $10,200 of unemployment insurance benefits for 2020, staff for Sen. Ron Wyden, D-Ore., confirmed Friday to CNBC Make It.

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