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Can we do an amended return for the unemployment exemption for Tax Year 2020?

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The American Rescue Plan Act of 2021 provides relief to individuals who received unemployment compensation in 2020. It excludes up to $10,200 of their unemployment compensation from their gross income if their modified adjusted gross income (AGI) is less than $150,000. In the case of married individuals filing a joint tax return, this exclusion of up to $10,200 applies to each spouse.

 

If the tax return has already been filed, do not file an amended return as the IRS will make adjustments automatically.

 

This was for Tax Year 2020 only. Does not apply to Tax Year 2021.

 

 

For the most current information review the IRS page.

Tags: federal,form