Refer to Q1 above to determine if you need to file an amended return. The IRS is no longer making automatic corrections by recalculating your exclusion amount following this guidance and adjusting your account for the difference. Am I eligible for the exclusion?, you may need to file an amended return if the IRS has not already made the correction. The 1.9 trillion Covid relief bill gives a tax break on unemployment benefits received last year. If you entered an exclusion amount less than what it should have been based on FAQ I'm married and live in a community property state. Key Points President Joe Biden signed the American Rescue Plan Act of 2021 on Thursday. This would be true even if the 10,200 UCE didn. Some key points: No matter what, if you got unemployment benefits in 2020 and had tax withheld, you must file taxes. So in this example, the UCE netted you an extra 867 (2,049-1,182). Do I need to file an amended return if I live in a community property state and did not enter the correct exclusion amount on Schedule 1, line 8? (updated December 2, 2022)Ī2. Tax you’ll get back: 2,500 (this was the guess made during the year) 241 (actual tax owed) 2,049. Keep that notice for your records in case your tax return preparer or state department of taxation requests a copy. The IRS did not correct your account as part of the automatic correction process.ĭo not file an amended return if you already filed one to claim the 2020 unemployment compensation exclusion.Īny resulting overpayment of tax will be either refunded or applied to your other outstanding tax liabilities.Ī notice confirming the changes resulting from your amended return will be sent to you when your account is corrected.You already filed your 2020 tax return without claiming the exclusion.
You are eligible to exclude up to $10,200 in unemployment compensation (up to $10,200 per spouse if you and your spouse file a joint return) that you reported on your 2020 return.
If you are entitled to the exclusion and your account was not automatically corrected by the IRS, you may need to file an amended return to claim the exclusion and any applicable non-refundable or refundable credits impacted by the exclusion if all the following conditions apply: The IRS is no longer performing automatic corrections of tax year 2020 accounts to allow the unemployment compensation exclusion for taxpayers who claimed unemployment compensation on their 2020 return. Q1. What if I already filed my 2020 tax return? Do I need to file a Form 1040-X to amend my tax return to report the exclusion and claim any applicable credits/deductions? (updated December 2, 2022)Ī1. These updated FAQs were released to the public in Fact Sheet 2022-39 PDF, December 2, 2022.
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