topic Unemployment comp in Get your taxes done using TurboTax

Unemployment comp

mikekelly0283 — Thu, 18 Mar 2021 14:29:07 GMT

I have just learned that my unemployment compensation is not taxable up to 10200.00. I have already filed my 2020 return and received my refunds . Should I file an amended return.

Thanks

Re: Unemployment comp

DoninGA — Thu, 18 Mar 2021 14:34:19 GMT

You can file a 2020 amended tax return to include the unemployment compensation exclusion.

An amended return, Form 1040X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.

Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.

See this TurboTax support FAQ on amending a tax return originally completed and filed using the 2020 TurboTax editions - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-return/01/27439

The IRS Form 1040-X for amending a 2020 tax return is scheduled to be available on 03/25/2021 (subject to change)

Re: Unemployment comp

SweetieJean — Thu, 18 Mar 2021 22:52:22 GMT

Looks like you might not have to amend for Federal, but State is still unknown:

The IRS is moving to issue refunds for Americans who paid taxes on $10,200 in unemployment benefits last year (yahoo.com)