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crysta511
New Member

I already paid taxes on my 2020 unemployment income, but now the first 10200 is not taxable. Will I get a refund?

 
6 Replies
DoninGA
Level 15

I already paid taxes on my 2020 unemployment income, but now the first 10200 is not taxable. Will I get a refund?

No legislation has been passed and nothing has been signed by the President to change the tax code.

When and if this legislation actually changes the tax code the IRS will write the rules and the procedures and post those on the IRS website.

SweetieJean
Level 15

I already paid taxes on my 2020 unemployment income, but now the first 10200 is not taxable. Will I get a refund?

Correct.  At this point, it is just under discussion.

fanfare
Level 15

I already paid taxes on my 2020 unemployment income, but now the first 10200 is not taxable. Will I get a refund?

I'm pretty sure this will not be retroactive. It applies to UI payments to you in 2021. UI will be extended to September.

 

RandyWhiteDJ
Level 1

I already paid taxes on my 2020 unemployment income, but now the first 10200 is not taxable. Will I get a refund?

The change applies to tax year 2020, not tax year 2021.

 

SweetieJean
Level 15

I already paid taxes on my 2020 unemployment income, but now the first 10200 is not taxable. Will I get a refund?

Once the President signs the law, the IRS must develop procedures to implement it. Then TT has to program, test and get the IRS to approve its programming.  All that may take time.

pattif12
Expert Alumni

I already paid taxes on my 2020 unemployment income, but now the first 10200 is not taxable. Will I get a refund?

The details of how this will work have not been sorted out yet. Here is a blog from TurboTax that will be updated with the latest news.

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