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New Member
posted Apr 27, 2021 11:48:13 AM

When I sign on turbo tax now my return is more than when I filed it. I did have unemployment on my claim could this be why

We filed in Feb before they passed to make the first 10,200 not taxable

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1 Replies
Level 15
Apr 27, 2021 11:57:13 AM

Yes, If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend.  The IRS will be adjusting it for you.  See,

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

 

If you had a tax due on the original return and haven't paid yet you don't have to pay it.  Wait for the IRS to send you the new refund or a new bill.

 

You can log back into your return and it should automatically update your return and show you the new refund.  But the updated return won't be sent.  The IRS will adjust it for you.

 

If you have unemployment you can exclude up to 10,200 for each person if your income is under $150,000.  Your unemployment compensation will be on Schedule 1 line 7.  The exclusion will be on Schedule 1 Line 8 as a negative number. The result flows to Form 1040 Line 8.