topic Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it so do I redo them now that they’re not taxable ? in Get your taxes done using TurboTax

Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it so do I redo them now that they’re not taxable ?

Tmac2824 — Sun, 14 Mar 2021 18:07:53 GMT

Didn’t have taxes held out on unemployment benefits

Re: Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it ...

DMarkM1 — Sun, 14 Mar 2021 18:23:20 GMT

Do not amend your tax returns at this time. Wait for further instructions from the IRS according to the latest release concerning the tax break for unemployment benefits paid in 2020.

Re: Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it ...

Jleight2 — Wed, 31 Mar 2021 02:33:05 GMT

What if I didn’t have taxes withheld from my unemployment that was received in the state of florida. I paid zero in federal taxes. Did I pay those taxes when I filed my 2020 taxes?

Re: Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it ...

DawnC — Wed, 31 Mar 2021 02:45:29 GMT

It depends on when you filed. If you filed more than a week or so ago, you probably paid taxes on the unemployment. You can verify this by looking at your Form 1040, Schedule 1 by looking at lines 7 and 8. The excluded amount would be listed on Line 8. Depending on your other income, you may or may not have paid any tax though.

If you did pay taxes, you do not need to amend as the IRS says they are going to refund those taxes without the need to amend. We are waiting on further guidance, but here is what we know now. @Jleight2 There is a link in that document you can use to sign up to be notified when you get updated guidance.

Re: Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it ...

Jleight2 — Wed, 31 Mar 2021 05:53:52 GMT

What if line 7 is empty but line 8 has 22,000+, does that mean Taxes were paid when I filed? I’m just confused because o were paid when I would get unemployment because I opted not to have taxes withheld.

Re: Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it ...

Jleight2 — Wed, 31 Mar 2021 05:54:45 GMT

Btw, I filed 01/30/21

accepted 02/13/21

Re: Now that the stimulus has been approved i was set to pay in because I didn’t pay taxes on it ...

DianeW777 — Wed, 31 Mar 2021 12:26:17 GMT

Do NOT amend your tax return for the new unemployment exclusion. With this new law, if your household income is less than $150,000, the first $10,200 of unemployment will be tax-free, but any amount you receive above that will be taxed.

The IRS has announced that they will include this change and adjust your return accordingly and do NOT want taxpayers to send in an amended return. It will take unusually extended timeframes for this to occur.

How do I claim the new unemployment benefit in TurboTax?