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If I paid almost $1,000 in taxes from unemployment. Am I getting a refund back?

 
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If I paid almost $1,000 in taxes from unemployment. Am I getting a refund back?

The IRS will be issuing tax refund based on the unemployment compensation exclusion starting in May and then throughout the summer for those that are eligible.  

TurboTax is not informed by the IRS concerning the refunds being issued.

 

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

And this IRS FAQ's website - https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs

rjs
Level 15
Level 15

If I paid almost $1,000 in taxes from unemployment. Am I getting a refund back?

Since you are using TurboTax Live, you can contact a TurboTax Live tax expert to get answers to your questions about tax on your unemployment benefits and the unemployment exclusion. The expert can look at your tax return and give you answers about your specific situation. We here in the Community cannot see your tax return.


Whether you will get an additional refund is not based on how much tax was withheld from your unemployment benefits. You will get an additional refund if you received unemployment benefits in 2020, the unemployment exclusion is not included in the tax return that you filed, and your Adjusted Gross Income (AGI), not including unemployment, is less than $150,000. The unemployment exclusion would appear as a negative amount on Schedule 1 line 8 of your federal tax return, with the letters UCE on the dotted line to the left of the amount.

 

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