topic Refund in Deductions & credits

Refund

Winters2289 — Wed, 21 Apr 2021 23:34:52 GMT

Hi. My taxes were excepted on mar 3rd.

on the 25th I received an email from turbo tax telling me I qualify for the 10200 unemployment tax credit an that the irs was gonna adjust my return an send it to me. It’s been almost 2 months an I haven’t herd anything and I can’t contact the irs... what should I do? Thanks

Re: Refund

Critter-3 — Thu, 22 Apr 2021 01:22:56 GMT

You do NOTHING ... the IRS will address this change on all returns filed before the tax law change happened. They expect this to happen in May sometime so all you need to do is wait patiently.

Re: Refund

VolvoGirl — Thu, 22 Apr 2021 01:27:26 GMT

If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend. The IRS will be adjusting it for you. See,

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

You can log back into your return and it should automatically update your return and show you the new refund. But the updated return won't be sent. The IRS will adjust it for you.

If you have unemployment you can exclude up to 10,200 for each person if your income is under $150,000. Your unemployment compensation will be on Schedule 1 line 7. The exclusion will be on Schedule 1 Line 8 as a negative number. The result flows to Form 1040 Line 8.