How do I receive the tax break for unemployment? I have already filed my taxes and received my refund.
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Hello Sharkbabe93
First, you'll want to review your return and confirm you included the unemployment compensation on your tax return. It would appear on your 2020 Schedule 1 Line 7. Next, check if there was an exclusion of your unemployment compensation. It would appear on your 2020 Schedule 1 Line 8.
If the exclusion is listed on Schedule 1 Line 8, then your tax return was filed with the correct exclusion.
If the exclusion is not on your Schedule 1 Line 8, , then you do not need to amend, the IRS is automatically adjusting the returns.
The IRS has said that payments will continue "throughout the summer," which means that unless we hear something else, payments could continue through September 22nd.
You may request a tax transcript that would reflect if the IRS has made changes to your filed tax return. There are different types of transcripts, I recommend the Record of Account Transcript.
https://www.irs.gov/individuals/get-transcript
Here is a link to check the exclusion amount you would be eligible.
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-b-calculating-the-e...
I hope you find this useful!
Hello Sharkbabe93
First, you'll want to review your return and confirm you included the unemployment compensation on your tax return. It would appear on your 2020 Schedule 1 Line 7. Next, check if there was an exclusion of your unemployment compensation. It would appear on your 2020 Schedule 1 Line 8.
If the exclusion is listed on Schedule 1 Line 8, then your tax return was filed with the correct exclusion.
If the exclusion is not on your Schedule 1 Line 8, , then you do not need to amend, the IRS is automatically adjusting the returns.
The IRS has said that payments will continue "throughout the summer," which means that unless we hear something else, payments could continue through September 22nd.
You may request a tax transcript that would reflect if the IRS has made changes to your filed tax return. There are different types of transcripts, I recommend the Record of Account Transcript.
https://www.irs.gov/individuals/get-transcript
Here is a link to check the exclusion amount you would be eligible.
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-b-calculating-the-e...
I hope you find this useful!
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