2020 Unemployment Credit

[DawnMP]

Hello, 

I filed my 2020 taxes before the unemployment credit was approved ~ I never received an additional refund or received any communications.  

How do I know if the $10,000 credit would have impacted my return and how do I claim the credit this year?  

Dawn 

[DanaB27]

You do not claim the unemployment exclusion on your 2021. Unemployment benefits are fully taxable in 2021.

If you believe you qualified but did not receive a refund then you will have to amend your 2020 tax return.

You qualified if your modified adjusted gross income (MAGI) was less than $150,000 in 2020, then you were able to exclude up to $10,200 of unemployment compensation paid in 2020. This reduced your taxable income by up to $10,200, how much it reduced your taxable income was depending on your tax situation and tax bracket.