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Unemployment 2020

Wondering if i will be reciving any miney bavk from my unemployment this year?

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1 Reply
LaToyaF
Expert Alumni

Unemployment 2020

Hi @Jackie19802006 ,

 

Receiving money back from the unemployment exclusion depends on if you qualify for it and if you filed before the law was approved.

 

Who is qualified to exclude some unemployment payments from taxes?

The American Rescue Plan approved the first $10,200 worth of unemployment payments for tax year 2020 as tax-free for a a taxpayer with an annual modified adjusted gross income of less than $150,000. The excluded amount is up to $20,400 if married filing jointly.

 

Haven't received your refund for taxes paid on your unemployment payments?

If you had filed your return before the law was enacted and meet the requirement above, the IRS will automatically send the refund.  The IRS is still in the process of making adjustments and issuing refunds. 

If you have not received your refund yet, the IRS has said that they will be sending refunds throughout the summer which doesn’t officially end until September 22nd.  

 

Additional information can be found here:

 

https://blog.turbotax.intuit.com/tax-news/am-i-eligible-for-the-new-unemployment-income-relief-49427... 

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

 

If you  filed your return prior to the law going into effect and meet the income requirements, the IRS is still processing refunds.    I hope this resolves your concern.

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