topic 2020 TAXES WITH NEW UNEMPLOYMENT RULING in Get your taxes done using TurboTax

2020 TAXES WITH NEW UNEMPLOYMENT RULING

RICK102 — Wed, 31 Mar 2021 22:17:50 GMT

Hello, it appears that Turbotax has updated its software to reflect the new way unemployment is treated for 2020. The new numbers now appear with the latest software update. Do I sit back and wait for both Federal and State to provide a refund? Also, this affected my stimulus amount. Does that difference get collected when I file my 2021 taxes? thanks!

Re: 2020 TAXES WITH NEW UNEMPLOYMENT RULING

RayW7 — Wed, 31 Mar 2021 22:38:32 GMT

I am not sure when your state forms will be updated but the IRS did provide this information.

'The IRS has just released a statement saying that they will begin re-calculating tax returns with unemployment compensation in May and paying adjusted refunds or applying the adjusted amount to previous tax debts. The IRS will process taxpayers claiming the $10,200 exclusion first, and later they will process married filing joint returns that are claiming the $20,400 exclusion and other more complicated situations.'

So do not file an amended return for the Unemployment Exclusion.

Re: 2020 TAXES WITH NEW UNEMPLOYMENT RULING

fanfare — Thu, 01 Apr 2021 01:32:03 GMT

IRS will process your return as originally filed.

You must pay the amount owed as shown on your tax return.

@RayW7

Give one good reason this is not so.