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When will my 2020 Federal Tax return be updated to reflect changes in taxability of unemployment?
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When will my 2020 Federal Tax return be updated to reflect changes in taxability of unemployment?
Your tax return will not actually be updated. The IRS will recalculate your tax return and send you the additional refund. It might take several months to get it. They will be sending the refunds over the course of the summer. For more information see the following IRS announcements and FAQ.
IRS to recalculate taxes on unemployment benefits; refunds to start in May
IRS begins correcting tax returns for unemployment compensation income exclusion
2020 Unemployment Compensation Exclusion FAQs
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When will my 2020 Federal Tax return be updated to reflect changes in taxability of unemployment?
if your online return was updated for the UC exemption, then when you go to file 2021 electronically it will be rejected due to an AGI mismatch. for efiling the next year's return the IRS always wants the AGI off the prior year's return that was originally filed.
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