7/23/2023 0 Comments Irs 10200 unemployment tax breakTaxpayers here will have four years after the return's original due date, which was the unusual deadline of May 17 of last year, to file the amended return. What about the timing?Īrizonans should file amended state returns for a refund only after the IRS first adjusts their 2020 federal returns automatically. Amended Arizona returns must be filed on paper. Unlike the automatic refunds issued by the IRS, Arizona is requiring taxpayers to file an amended state return using Arizona Form 140X. The department didn't provide an estimate of how many people might be eligible for this refund. However, the department is advising that all Arizonans who received automatic federal tax refunds of jobless benefits from the IRS also should amend their 2020 Arizona tax returns. Who's affected?Īrizonans who received unemployment benefits during 2020 and filed their 2020 state return before March 11 of this year will need to amend their return to receive a refund of the tax they overpaid for unemployment benefits.īy contrast, those who received jobless benefits in 2020 and filed their state tax return after March 11 "most likely already received the benefit of the unemployment exclusion and should not file an Arizona amended return," the department said. Arizona later conformed state law to match that, so up to $10,200 of jobless benefits can be excluded from Arizona tax. On March 11, 2021, the federal government enacted the American Rescue Plan, allowing individuals to exclude up to $10,200 in jobless benefits from federal income tax. Unemployment benefits normally are taxable to recipients, but Congress relaxed the rule retroactively for 2020. Here are answers to key questions on this topic: What's involved? ![]() ![]() The IRS is calculating refunds automatically for eligible individuals - people who received up to $10,200 in jobless benefits with modified adjusted gross income below $150,000. Getting the money from the state is different from how the Internal Revenue Service is handling similar refunds at the federal level. The payoff could amount to hundreds of dollars. ![]() The Arizona Department of Revenue will issue refunds to state residents for certain unemployment benefits received in 2020, the department announced.īut if you're eligible and want to claim this money, you will need to make the calculations yourself - and file an amended return on paper.
0 Comments
Leave a Reply. |