After doing an update on my 2020 Turbotax in April, my fed tax due went down alot. I did no changes on my return. I have not sent it in yet. Is this usual?
You'll need to sign in or create an account to connect with an expert.
It depends.
Did you happen to have unemployment income on your tax return? If so, according to the American Rescue Plan, the first $10,200 on unemployment earned in 2020 could be considered nontaxable if your household income is less than $150,000. Please see the link below for additional information.
IRS Statement on American Rescue Plan
Please see the bottom of the link below as well as your return may have been affected by a few other provisions in regards to the Premium Tax Credit.
How will the 3rd stimulus affect me
No unemployment. I was on California EDD disability.
Most probably your account was adjusted for one of the tax relief measures.
I hope so.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nave547382
New Member
3f32ca3a9063
New Member
Deval3
New Member
flowmoney21
New Member
4739a404cfe2
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.