{"id":25594,"date":"2021-04-27T16:09:32","date_gmt":"2021-04-27T20:09:32","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=25594"},"modified":"2023-06-04T14:19:23","modified_gmt":"2023-06-04T19:19:23","slug":"refunds-for-10200-unemployment-tax-break-start-in-may","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/refunds-for-10200-unemployment-tax-break-start-in-may\/","title":{"rendered":"Refunds for $10,200 Unemployment Tax Break Start in May"},"content":{"rendered":"\r\n

Normally when you receive unemployment compensation<\/a> the full amount is considered taxable income, but the rules are different this year.\u00a0 The American Rescue Plan<\/a> included a new unemployment compensation exclusion to give recipients a much-needed break on their 2020 tax return.\u00a0 The problem is that millions of taxpayers had already filed before the tax break went into effect.\u00a0 To rectify the situation, the IRS<\/a> plans to recalculate their returns and automatically issue refunds if necessary.\u00a0 The IRS will start issuing those refunds in May.\u00a0 Here\u2019s what you need to know.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

What are the unemployment compensation exclusion rules?<\/strong><\/h2>\r\n\r\n\r\n\r\n

Taxpayers with a modified adjusted gross income<\/a> of $150,000 or less can exclude up to $10,200 of unemployment benefits on their federal tax return<\/a>.\u00a0 If you\u2019re married filing jointly and both spouses collected unemployment, you can exclude up to $20,400 of benefits.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

I already filed.\u00a0 Do I need to amend my return?<\/strong><\/h2>\r\n\r\n\r\n\r\n

There\u2019s no need to amend your return to claim the exclusion if you\u2019ve already filed.\u00a0 The IRS will automatically recalculate the taxes on your benefits starting in May.\u00a0 Based on their results, you\u2019ll either receive an additional refund or they\u2019ll apply the difference to your tax bill.\u00a0<\/p>\r\n\r\n\r\n\r\n

Please note, if the exclusion now makes you eligible for additional credits<\/a> or deductions<\/a> you didn\u2019t originally claim, you\u2019ll need to amend your return to get them.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

\r\n
File your taxes now!<\/a><\/div>\r\n<\/div>\r\n\r\n\r\n\r\n

\u00a0<\/h2>\r\n

What if I still need to file?<\/strong><\/h2>\r\n\r\n\r\n\r\n

ezTaxReturn\u2019s<\/a> tax software<\/a> has already been updated to reflect all the latest changes.\u00a0 So, whether you need to claim the unemployment compensation exclusion or amend your return to claim additional tax breaks, we can help.\u00a0 It\u2019s fast, easy and you\u2019ll get the biggest possible refund, guaranteed.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

One last piece of advice<\/strong><\/h2>\r\n\r\n\r\n\r\n

Right now, the exclusion is only good for unemployment benefits received in 2020. \u00a0So, if you\u2019re still collecting unemployment you may have to pay taxes on the full amount in the future.\u00a0 Request to have taxes withheld from your pay to avoid a large tax bill when you file in 2022.<\/p>\r\n

 <\/p>\r\n

 <\/p>\r\n

File your taxes fast and ez in 30 minutes or less.<\/h2>\r\n","protected":false},"excerpt":{"rendered":"

Normally when you receive unemployment compensation the full amount is considered taxable income, but the rules are different this year.\u00a0 The American Rescue Plan included a new unemployment compensation exclusion to give recipients a much-needed break on their 2020 tax return.\u00a0 The problem is that millions of taxpayers had already filed before the tax break […]<\/p>\n","protected":false},"author":3,"featured_media":25681,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-25594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"\nRefunds for $10,200 Unemployment Tax Break Start in May<\/title>\n<meta name=\"description\" content=\"The American Rescue Plan included a new unemployment compensation 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