topic The new bill from the goverment does that change the unemployment and taxing regarding it!? in Get your taxes done using TurboTax

The new bill from the goverment does that change the unemployment and taxing regarding it!?

patr362975 — Sun, 04 Apr 2021 03:28:20 GMT

Re: The new bill from the goverment does that change the unemployment and taxing regarding it!?

xmasbaby0 — Sun, 04 Apr 2021 03:33:18 GMT

Yes it does. The first $10.200 of unemployment you received in 2020 is not taxed now. If you already filed before the tax law changed or if you filed before the software updates went in, you do not need to amend. Please read the following:

Here is why you do NOT amend your return for unemployment:

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-may

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

https://ttlc.intuit.com/community/internal-revenue-service/help/how-is-my-state-taxing-unemployment-income/00/2065458

If you have not yet filed your 2020 return, the software is updated for the change in the tax for unemployment so that you can enter your 1099G and the software will calculate any tax owed--if any--or if you overpaid it will be added back to your refund.

Re: The new bill from the goverment does that change the unemployment and taxing regarding it!?

Bsch4477 — Sun, 04 Apr 2021 03:32:45 GMT

10,200 of unemployment payments is not taxed. TurboTax will calculate that automatically.

Re: The new bill from the goverment does that change the unemployment and taxing regarding it!?

Bsch4477 — Sun, 04 Apr 2021 03:33:26 GMT

10,200 of unemployment payments is not taxed for AGI less than 150,000. TurboTax will calculate that automatically.