I opted to have my taxes taken out the whole time while receiving unemployment. I did my taxes through turbo tax and have since received what I was stated. Do I now have to go back and amend my taxes that have already been filed? Or will they automatically amend them on their own?
You may be due a refund if you filed your tax return before the tax law changed in regards to unemployment income. If this is the case, IRS is supposed to recalculate your tax return for you and issue any refund due. If you filed your return after the tax law changed, then the software already calculated the exclusion correctly for you. If you need help determining when you filed, feel free to click on the Live Help icon within TurboTax to speak with a Tax Expert.
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It’s a bit tricky. Generally, you don’t have to do anything to receive a federal refund but many states make you amend your state return.
The IRS will adjust your return and the amounts for any deductions and credits you claimed on it. For example, say you claimed the Earned Income Tax Credit (EITC) on your return. And because the new unemployment exclusion changed your income level, you would now be eligible for an increase in EITC amount. The IRS would adjust your return for you and send you the additional refund amount with your additional unemployment benefits. You are all set.
Here’s a link with more information about the unemployment refund from the turbotax blog (Feel free to subscribe to the blog its full of great tax info you may be interested in (especially if you are a tax nerd like me!)
Hope this helps! If not reach out to connect again!