Unemployment Tax Break

[Eli Bash]

I Checked my Profile, I see that you did not update my unemployment tax break, so when you will update it? When I will get my unemployment tax break?

[DoninGA]

The IRS is sending the tax refunds for the unemployment compensation exclusion in batches which started in May and will continue for the next several months.

Go to these IRS websites for information -

https://www.irs.gov/newsroom/irs-readies-nearly-4-million-refunds-for-unemployment-compensation-over...

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs

[Eli Bash]

I know well about these information but I'm asking about TurboTax not update my info 

[DoninGA]

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@Eli Bash  wrote:

I know well about these information but I'm asking about TurboTax not update my info 

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The TurboTax returns will not reflect the changes due to the exclusion if you filed before the exclusion was included in the TurboTax program.  This is because the AGI is needed from the original tax return that was filed to use on the 2021 tax return to be filed next year.

There may be an exclusion on the return that is available through Print Center but no guarantee.

To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

This will take you back to the 2020 online tax return.

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets

[Eli Bash]

Thank you so much for this information, but when I checked my tax for 2020 it has been deducted $10200 from my unemployment benefit but it was the same refund I got in March before the tax break! that means I will not get anything?

[DoninGA]

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@Eli Bash  wrote:

Thank you so much for this information, but when I checked my tax for 2020 it has been deducted $10200 from my unemployment benefit but it was the same refund I got in March before the tax break! that means I will not get anything?

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You sure it is the same amount?

The exclusion was not available in TurboTax until March 26, 2021 for a 2020 tax return.

If the exclusion was on your filed tax return then look at the return that was filed.

The exclusion is reported on Schedule 1 Line 8 as a negative number.  The unemployment compensation received is on Line 7 of Schedule 1.  The result flows to Form 1040 Line 8.

[DoninGA]

Also, if your 2020 Adjusted Gross Income was $150,000 or more after the exclusion then you would not be eligible for the exclusion refund.

[Eli Bash]

Schedule 1 Line 7 is 24,055

Schedule 1 Line 8 is - 10200.  

Schedule 1 Line 9 is 14,222

My Refund is the same one I have received before the deduction!

[Eli Bash]

2020 Adjusted Gross Income was 26000

[DoninGA]

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@Eli Bash  wrote:

Schedule 1 Line 7 is 24,055

Schedule 1 Line 8 is - 10200.  

Schedule 1 Line 9 is 14,222

My Refund is the same one I have received before the deduction!

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Then you will not be receiving a refund from the IRS for the exclusion if the tax return you are viewing is the same tax return that was filed.  The exclusion was already factored into the tax refund you received.