The Unemployment Line: COVID-19 Edition (2 Viewers)

[Saint_Ward]

Yeah, if you haven't filed yet, you'll see a big change in your expected refund (or smaller tax bill) if you have it all online, but just haven't filed.

If you already filed, the IRS has told those folks, like myself, to just wait. They may do the unemployment correction for us, or give instructions on how to properly ammend our filings.

New filers, have an updated form, I believe. Not sure if the online filing groups have that yet (probably do, just not for ammended returns).

 

[Saint_Ward]

This is what I received from HR block the other day. As it stands now, when you read that link, if you haven't filed, the Federal returns are ready to go. State will vary based on how they have or haven't changed/updated their rules.

Thank you for filing your 2020 tax return with H&R Block. Our records indicate you included unemployment income on your 2020 tax return. As a result of the American Rescue Plan that was recently signed into law, up to $10,200 of your unemployment income could now be tax free on your federal return.​

While your federal return has already been filed, you should not file an amended return at this time. We are awaiting further guidance from the IRS and will let you know if additional action is needed.​

Many states continue to finalize if and how they will align with this federal unemployment tax break. H&R Block will continue to monitor this information and provide necessary updates about unemployment HERE as it becomes available.​

Thank you for being a valued client.​

 

[Saint_Ward]

Basically, if I hadn't already filed, I'd file Federal now, and maybe wait on State, depending on what your state says.

That's the nice thing about Florida having no state taxes.. I don't have to care..lol.

 

[Zack Lee]

I’m glad I waited to file. Gotta love when dragging your feet actually pays, it’s not often lol. I know I am not getting extra money but I cringe when I read words like “State, if and how”.

 

[Saint_Ward]

BTW, the other reason this may have changed for you, other than the 10.2k unemployment exemption, is if you didn't get the 2020 stimulus payments based on 2019 income.. if youre 2020 income now qualifies for all or part of it, well, then boom, you got a whole lot more.

 

[Zack Lee]

Basically, if I hadn't already filed, I'd file Federal now, and maybe wait on State, depending on what your state says.

That's the nice thing about Florida having no state taxes.. I don't have to care..lol.

well The State number showed me owing 500 before and now it’s about 100. So it looks like I can file with the exemption already in place. I’m going back through each page now to double check everything

 

[Zack Lee]

BTW, the other reason this may have changed for you, other than the 10.2k unemployment exemption, is if you didn't get the 2020 stimulus payments based on 2019 income.. if youre 2020 income now qualifies for all or part of it, well, then boom, you got a whole lot more.

Federal return jumped from about 100 to over 1400. So I suspect when I get to the page asking if I received the stimulus, they have added one for the Biden stimulus. I just received that so I also have to make sure that didn’t default to no.

 

[Saint_Ward]

Federal return jumped from about 100 to over 1400. So I suspect when I get to the page asking if I received the stimulus, they have added one for the Biden stimulus. I just received that so I also have to make sure that didn’t default to no.

In talking about the two payments from 2020.

I dont think the 1400 factors in until 2021. But not sure.

Definitely go through everything again.

 

[Wisco Steve]

I still have yet to receive any new payment for stimulus, for my daughter.
Are taxes due on April 15th like normal??

 

[Zack Lee]

I still have yet to receive any new payment for stimulus, for my daughter.
Are taxes due on April 15th like normal??

I think they are extended to May 17th. That per an email from FreeTaxUSA, the site Im using.

 

[DaveXA]

I think they are extended to May 17th. That per an email from FreeTaxUSA, the site Im using.

May 17th is correct.

 

[guidomerkinsrules]

Clearly it’s designed not to work
In my unfortunate 6 months when I had to use it, I buckled - it won. I threw my hands up and we just managed as best we could (which was much worse than if we had a state program designed to help us high actually helped)

 

[Zack Lee]

Clearly it’s designed not to work
In my unfortunate 6 months when I had to use it, I buckled - it won. I threw my hands up and we just managed as best we could (which was much worse than if we had a state program designed to help us high actually helped)

I finally got my Ida claim in but I have not run into online frustration like that in years. Just running in circles forever.