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2020 unemployment taxation

By Terry Savage on October 11, 2021 | Wild Card & Pandemic Related

I filed 2020 1040 in March 2020. I reported 16,400 dollars in taxable unemployment compensation. A 10,500 exclusion later became law. I haven’t filed an amended return. I listen to you on WGN. Is there an update on when the service will adjust my income? Thanks

Terry Says

Any minute! (Or month!) The IRS is sending out refunds to those who paid those taxes before the law was changed to exclude the first $10,200 of unemployment compensation from taxes. If you filed a paper return, it could be a few months more before they get around to it.

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