topic How do I know if I'll get anything back from the unemployment tax break if I already filed and received my refund? in After you file

How do I know if I'll get anything back from the unemployment tax break if I already filed and received my refund?

malikai16 — Sat, 27 Mar 2021 03:16:46 GMT

Re: How do I know if I'll get anything back from the unemployment tax break if I already filed an...

LinaJ2020 — Sat, 27 Mar 2021 03:50:58 GMT

Per IRS, if you have already filed your 2020 Form 1040 or 1040-SR, you should not file an amended return at this time. The IRS will issue additional guidance as soon as possible.

See IRS link, click here: https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

For TurboTax program, to sign up for being notified for the updates, click here: Unemployment exclusion

Re: How do I know if I'll get anything back from the unemployment tax break if I already filed and received my refund?

Mike9241 — Sat, 27 Mar 2021 07:27:28 GMT

the IRS has announced it will handle refunds for the nontaxable portion of the UC without taxpayers having to file amended returns. (the question is will they catch everything else that will change on a taxpayer's return because the amount is dependent on either AGI or MAGI. For example, if a taxpayer itemizes and gets a $2000 medical expense deduction on the return as originally filed that will now increase by as much as $765 ($10,200 X 7.5%) which can further increase the refund. it can also affect the credit/charge for excess premium payments for taxpayers who have marketplace insurance. if Modified adjusted gross income is over $150,000 (all the UC will be taxable). And to actually get back anything additional the nontaxable portion would have to result in a decrease in your tax liability.