You'll need to sign in or create an account to connect with an expert.
cece19801,
There are a couple of things related to unemployment compensation that might apply to your situation:
(1) The first $10,200 of unemployment compensation is exempt from tax for 2020. However, folks who filed early in the tax season would not have had that exclusion made due to IRS timing. The IRS states that they will issue refunds to those who are affected starting in May and there is no need for the taxpayer to do anything further to get that refund. (There are some situations where it could pay to amend a return, for example if the reduced income then qualified you for some additional federal credit that you didn't claim already.)
(2) Some states tax unemployment benefits: Colorado, Georgia, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, North Carolina, New York, Rhode Island, South Carolina and West Virginia. Assuming, though, that you reported your unemployment 1099-G accurately, your refund from or amount owed to the state were already correct and the federal exclusion doesn't change the result.
So, bottom line, just sit back and relax. If you are owed money from the IRS, it will come.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
caycee12
New Member
been368073
New Member
sherrylt08
New Member
arburton21
New Member
richardmaketa
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.