topic What will we need to do regarding any provisions in the stimulus bill that have a retroactive affect on 2020 taxes already paid, such as the unemployment insurance taxes? in Get your taxes done using TurboTax

What will we need to do regarding any provisions in the stimulus bill that have a retroactive affect on 2020 taxes already paid, such as the unemployment insurance taxes?

mcdowell-joshua — Wed, 10 Mar 2021 10:17:40 GMT

There is language in the latest stimulus bill that provides relief from unemployment taxes already paid, I believe up to a total of $10,200. This will probably require an amended return, but then will they also be reimbursing the taxes already paid and sending out a check for any money owed back to us? How does this typically work?

Re: What will we need to do regarding any provisions in the stimulus bill that have a retroactive...

DMarkM1 — Wed, 10 Mar 2021 13:14:46 GMT

You are correct there is language in the bill about a tax break for the first $10,200 of unemployment benefits paid in 2020. Once the bill becomes law then the IRS will publish implementation guidance. This is anything but typical. There may be amendments necessary or the IRS may pull the affect returns and make the corrections or some combination. We will continue to monitor.