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nicolejdevine
New Member

I filed my taxes before the new stimulus bill and paid taxes on unemployment. What now?

 
3 Replies
rjs
Level 15
Level 15

I filed my taxes before the new stimulus bill and paid taxes on unemployment. What now?

Don't do anything right now. Wait for further information from the IRS. The IRS might make the adjustment without your having to do anything. They are in the process of figuring out what to do.

 

JamesG1
Expert Alumni

I filed my taxes before the new stimulus bill and paid taxes on unemployment. What now?

We are unsure how the IRS will deal with taxpayers in situations like yours.  It is possible that a refund could be issued by the IRS at a later time.

 

Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment. 

 

This TurboTax Help allows you to sign up for updates from TurboTax about this feature of the tax code.

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rjs
Level 15
Level 15

I filed my taxes before the new stimulus bill and paid taxes on unemployment. What now?

The IRS posted the following on their web site this morning.


"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."


At this link, it's the paragraph after the bulleted list:
New Exclusion of up to $10,200 of Unemployment Compensation

 

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