Unemployment Update - Refund Check for $10,200 Unemployment Deduction Coming in May

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The IRS announced that they will be automatically processing refund checks for the $10,2000 unemployment insurance tax deduction for most people beginning in May, but some people may still need to amend their tax returns.

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00:00 - Introduction
01:14 - Unemployment Insurance Tax Free Rules
01:49 - Why Does This Matter?
02:25 - When Will I Get My Refund for $10,200 Deduction?
02:30 - Should I Amend my Tax Return?
03:40 - IRS Will Calculate Tax Refund Automatically For Most
04:43 - Who Will Get the Refund First?
05:51 - Why Your Tax Deduction Refund May Be Delayed
06:50 - Amend Your Tax Return
08:29 - Earned Income Tax Credit Boost Potential
10:15 - Miscellaneous Information

The American Rescue Plan created a brand new tax deduction of $10,200 off of the unemployment insurance received in the 2020 tax year. If you received unemployment insurance of up to $10,200 (PUA, PEUC, pandemic unemployment insurance compensation, etc.), and you made less than $150,000, then you will be able to deduct the full amount received up to $10,200 off of your taxes for the 2020 tax year. This can save you money up to thousands.

The IRS said it will process tax refunds payments for the stimulus unemployment insurance $10,200 deduction automatically in May. But you may need to file an amendment only if you would then be eligible for additional tax credits or deductions based on your new lower adjusted gross income for the 2020 tax year.

Let me know if you have any questions about the unemployment insurance tax deduction!

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