topic Do I need to amend my 2020 tax return for my tax refund from the first 10,000$ made on unemployment? in After you file

Do I need to amend my 2020 tax return for my tax refund from the first 10,000$ made on unemployment?

christina-aposto — Sat, 03 Apr 2021 14:46:02 GMT

Re: Do I need to amend my 2020 tax return for my tax refund from the first 10,000$ made on unemployment?

DoninGA — Sat, 03 Apr 2021 14:58:01 GMT

No you do not need to amend the 2020 tax return that you filed. The IRS will handle the exclusion and send any refund to you starting in May.

See this IRS website for information - https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

Re: Do I need to amend my 2020 tax return for my tax refund from the first 10,000$ made on unempl...

DanaB27 — Sat, 03 Apr 2021 15:01:23 GMT

No, you do not need to amend your 2020 tax return for the unemployment benefits.

"If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you." (IRS)

If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.