Unemployment Income Tax Refund

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
bmelikia
Posts: 697
Joined: Mon Jun 15, 2009 9:23 pm

Unemployment Income Tax Refund

Post by bmelikia »

For anyone already filed their taxes before the $10,200 unemployment income tax exemption was announced. . .

Have you received your Direct Deposit refund from the IRS refunding taxes paid on the first $10,200 of unemployment income?

Last I had read they said those refunds would begin in May. . .
"I would rather die with money, than live without it...." - Bogleheads member Ron | | "The greatest enemy of a good plan, is the dream of a perfect plan." | -Bogle
Topic Author
bmelikia
Posts: 697
Joined: Mon Jun 15, 2009 9:23 pm

Re: Unemployment Income Tax Refund

Post by bmelikia »

Just trying to resurface this - hopefully someone from the afternoon Boglehead crowd has an update. . .
"I would rather die with money, than live without it...." - Bogleheads member Ron | | "The greatest enemy of a good plan, is the dream of a perfect plan." | -Bogle
Katietsu
Posts: 5080
Joined: Sun Sep 22, 2013 1:48 am

Re: Unemployment Income Tax Refund

Post by Katietsu »

The IRS put out a press release on this sometime in the last week or so. The refunds will begin with single people with simple returns. Then married returns. Then more complex returns. They plan to start by the end of May but they do not expect to finish until the fall. It sounded to me like these would all require human intervention but this was not said explicitly.
mushripu
Posts: 121
Joined: Fri Jan 26, 2018 8:26 am

Re: Unemployment Income Tax Refund

Post by mushripu »

My DW got unemployment last year and we fit the criteria for refund.
No refund yet.
oldfatguy
Posts: 1021
Joined: Tue Feb 27, 2018 1:38 pm

Re: Unemployment Income Tax Refund

Post by oldfatguy »

Not yet. Been checking my bank account each morning in May.
oldfatguy
Posts: 1021
Joined: Tue Feb 27, 2018 1:38 pm

Re: Unemployment Income Tax Refund

Post by oldfatguy »

Still nothing here. Bumping the thread to see if anyone has received one yet.
jstage
Posts: 6
Joined: Wed Apr 28, 2021 12:07 pm

Re: Unemployment Income Tax Refund

Post by jstage »

We are still waiting to. Married filed jointly though so I know they were doing single filer's first.
donall
Posts: 956
Joined: Tue Mar 13, 2012 6:45 am

Re: Unemployment Income Tax Refund

Post by donall »

VITA volunteer-
No federal refunds yet, but was made aware of two letters from the state indicating a recalculation of state income taxes and a check that will be mailed. Our state uses federal AGI. One taxpayer was single, while the other was HOH.
dink2win
Posts: 421
Joined: Tue Jan 15, 2019 6:53 pm

Re: Unemployment Income Tax Refund

Post by dink2win »

Anyone received a refund yet? My dad has not.
User avatar
joe8d
Posts: 4467
Joined: Tue Feb 20, 2007 8:27 pm
Location: Buffalo,NY

Re: Unemployment Income Tax Refund

Post by joe8d »

No. Not yet.
All the Best, | Joe
User avatar
Metsfan91
Posts: 270
Joined: Sat Jan 11, 2020 12:33 pm

Re: Unemployment Income Tax Refund

Post by Metsfan91 »

I know a few people who are waiting for refund but haven't received yet. They all fall under MFJ - Married Filing Jointly - category.
“Time is your friend; impulse is your enemy.” — John C. Bogle
Topic Author
bmelikia
Posts: 697
Joined: Mon Jun 15, 2009 9:23 pm

Re: Unemployment Income Tax Refund

Post by bmelikia »

Nothing yet
"I would rather die with money, than live without it...." - Bogleheads member Ron | | "The greatest enemy of a good plan, is the dream of a perfect plan." | -Bogle
oldfatguy
Posts: 1021
Joined: Tue Feb 27, 2018 1:38 pm

Re: Unemployment Income Tax Refund

Post by oldfatguy »

Still nothing here. Single filer with a very basic return.
Nebraska_Drought
Posts: 151
Joined: Fri Nov 13, 2020 11:19 am
Location: Lincoln, NE

Re: Unemployment Income Tax Refund

Post by Nebraska_Drought »

My son would fall under this. Basic return, filing single and nothing yet. I am guessing this is going to be a S L O W process especially with the IRS accepting returns so late this year.
oldfatguy
Posts: 1021
Joined: Tue Feb 27, 2018 1:38 pm

Re: Unemployment Income Tax Refund

Post by oldfatguy »

Update: Mine is showing up this morning as a pending deposit in my bank account for June 3.
theplayer11
Posts: 1628
Joined: Tue Jul 22, 2014 8:55 pm

Re: Unemployment Income Tax Refund

Post by theplayer11 »

D received her's today..simple filing
Topic Author
bmelikia
Posts: 697
Joined: Mon Jun 15, 2009 9:23 pm

Re: Unemployment Income Tax Refund

Post by bmelikia »

Still waiting - we did married filing jointly - my spouse had the unemployment income
"I would rather die with money, than live without it...." - Bogleheads member Ron | | "The greatest enemy of a good plan, is the dream of a perfect plan." | -Bogle
mgldan
Posts: 5
Joined: Sat Feb 20, 2021 5:11 pm

Re: Unemployment Income Tax Refund

Post by mgldan »

I am waiting still. Single filer. reported W-2 and unemployment income, dividends, cap losses, itemized deductions. Not that simple but very standard.
brainstorming
Posts: 59
Joined: Mon Apr 20, 2009 10:45 am

Re: Unemployment Income Tax Refund

Post by brainstorming »

Any updates?
mikemagz11
Posts: 73
Joined: Mon Nov 21, 2016 1:37 pm
Location: Hoboken, NJ

Re: Unemployment Income Tax Refund

Post by mikemagz11 »

Single filer and still haven't received or heard anything.
Dfree
Posts: 22
Joined: Mon May 13, 2019 10:45 pm

Re: Unemployment Income Tax Refund

Post by Dfree »

deleted...duplicate post.
Last edited by Dfree on Tue Jun 15, 2021 6:40 pm, edited 1 time in total.
Dfree
Posts: 22
Joined: Mon May 13, 2019 10:45 pm

Re: Unemployment Income Tax Refund

Post by Dfree »

Not a peep from the IRS as of today. Single filer. Not the simplest return -- I deductions and estimated payments.

My state issued a refund several weeks ago.
eddot98
Posts: 426
Joined: Wed Jan 01, 2014 11:47 am
Location: The Berkshires

Re: Unemployment Income Tax Refund

Post by eddot98 »

eddot98 wrote: Sat Jun 12, 2021 3:04 pm
eddot98 wrote: Sat May 22, 2021 4:18 pm
eddot98 wrote: Wed May 05, 2021 10:09 pm Efiled Fed 2/28/21 with H&R Block. IRS accepted it on 3/1/21. Still waiting on refund. Substantial changes will be made by IRS. $10,200 Unemployment exclusion put us under $150,000 AGI changing our refund, changing our Recovery Rebates, and made us eligible for CARES ACT payments, which we weren’t eligible for using 2019 AGI.
Filed NY on paper shortly after Fed and received refund in a few weeks. Have yet to file MA as we owe $519. (Worked in NY, live in MA)
Update:
Still waiting on Federal, still shows as processing.
Mailed MA return in with check for balance owed on 5/14. MA DOR cashed check a week later.
Update: Today, June 12th, pending IRS deposit in checking account for original refund amount plus 3% interest. We were in the situation where Unemployment payments put our AGI at $154,000. IRS was supposed to recalculate our taxes, lowering our AGI to $144,000 triggering a refund of 22% of $10,200 and adjusting our COVID-19 payments. They didn’t do this. Now what? Try to contact them at a number that you can never get a person?
I’m so done with 2020 taxes.
This is from another thread. Update June 14: I called IRS and was told that they are still processing returns and that, if applicable, we would get another refund sometime in the future - that’s how specific she was.
mgldan
Posts: 5
Joined: Sat Feb 20, 2021 5:11 pm

Re: Unemployment Income Tax Refund

Post by mgldan »

I’m still waiting, as a single filer. What could be the holdup? Frankly, it’s very clear that I qualify. The unemployment income came separately delineated on a 1099-G form, and my AGI is well below the cutoff. There isn’t much more to it!
Nebraska_Drought
Posts: 151
Joined: Fri Nov 13, 2020 11:19 am
Location: Lincoln, NE

Re: Unemployment Income Tax Refund

Post by Nebraska_Drought »

Same for my 19 year old son ! Nothing complicated, just VERY VERY SLOW and no communication either.
Topic Author
bmelikia
Posts: 697
Joined: Mon Jun 15, 2009 9:23 pm

Re: Unemployment Income Tax Refund

Post by bmelikia »

Same. . .nothing here yet
"I would rather die with money, than live without it...." - Bogleheads member Ron | | "The greatest enemy of a good plan, is the dream of a perfect plan." | -Bogle
jebmke
Posts: 13163
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Unemployment Income Tax Refund

Post by jebmke »

Nebraska_Drought wrote: Tue Jul 06, 2021 9:11 am Same for my 19 year old son ! Nothing complicated, just VERY VERY SLOW and no communication either.
They still have 35 million unprocessed returns. Most are for TY 2020.
When you discover that you are riding a dead horse, the best strategy is to dismount.
relentless1
Posts: 91
Joined: Fri Dec 04, 2020 10:46 am

UPDATE: Unemployment Income Tax Refund

Post by relentless1 »

So I had filed with TT in March but no yet paid. I received message from TT saying: "

Dear IRS Free File Program delivered by TurboTax Customer,
We are following up on our earlier email regarding the increased Unemployment benefits. Great news! We have confirmed that you do not need to take any additional actions to get the benefits you deserve. At this time, you do not need to file an amended Federal or State tax return."

I had a tax due of about $1000. Single filer, simple return. I also had 6k in unemployment income in 2020. I reran a test return and it showed I would get of refund of about 1000, so I waited for refund.

Yesterday In received a bill from the IRS for the original $1000 plus small fees and penalties.

What do I do know? Pay the bill and hope they figure it out or don't pay and chance more fees and penalties.

What do BHers say???
nalor511
Posts: 1528
Joined: Mon Jul 27, 2015 1:00 am

Re: UPDATE: Unemployment Income Tax Refund

Post by nalor511 »

relentless1 wrote: Mon Jul 12, 2021 4:19 pm So I had filed with TT in March but no yet paid. I received message from TT saying: "

Dear IRS Free File Program delivered by TurboTax Customer,
We are following up on our earlier email regarding the increased Unemployment benefits. Great news! We have confirmed that you do not need to take any additional actions to get the benefits you deserve. At this time, you do not need to file an amended Federal or State tax return."

I had a tax due of about $1000. Single filer, simple return. I also had 6k in unemployment income in 2020. I reran a test return and it showed I would get of refund of about 1000, so I waited for refund.

Yesterday In received a bill from the IRS for the original $1000 plus small fees and penalties.

What do I do know? Pay the bill and hope they figure it out or don't pay and chance more fees and penalties.

What do BHers say???
If you are 100% Certain you Are due a refund, I would not pay, because you are already late. You will get interest on the refund.
User avatar
Cheez-It Guy
Posts: 1722
Joined: Sun Mar 03, 2019 4:20 pm

Re: Unemployment Income Tax Refund

Post by Cheez-It Guy »

Thanks to Congress for making a mess during filing season.

I'm still waiting.
Topic Author
bmelikia
Posts: 697
Joined: Mon Jun 15, 2009 9:23 pm

Re: Unemployment Income Tax Refund

Post by bmelikia »

Update: Still waiting. . . :sharebeer
"I would rather die with money, than live without it...." - Bogleheads member Ron | | "The greatest enemy of a good plan, is the dream of a perfect plan." | -Bogle
986racer
Posts: 195
Joined: Thu Aug 11, 2016 10:09 am

Re: Unemployment Income Tax Refund

Post by 986racer »

Also waiting. I saw some web page suggesting that it could take up to 16 weeks to get an amended return processed. So, I'm waiting until September before I start getting concerned.

I recently realized that my oldest might actually qualify for being an independent. If so, I'll need to file hers again so that she can get the stimulus money.
User avatar
arcticpineapplecorp.
Posts: 8246
Joined: Tue Mar 06, 2012 9:22 pm

Re: Unemployment Income Tax Refund

Post by arcticpineapplecorp. »

Also vita volunteer here. My girlfriend got hers either end of May or beginning of June. :happy
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events.
Topic Author
bmelikia
Posts: 697
Joined: Mon Jun 15, 2009 9:23 pm

Re: Unemployment Income Tax Refund

Post by bmelikia »

Ours finally posted today FYI
"I would rather die with money, than live without it...." - Bogleheads member Ron | | "The greatest enemy of a good plan, is the dream of a perfect plan." | -Bogle
swylie
Posts: 7
Joined: Thu Sep 10, 2020 7:59 pm

Re: Unemployment Income Tax Refund

Post by swylie »

I'm still waiting for a refund. We filed married/joint and have a small business so we each file schedule Cs and split the business income. We use TT and chose to have our original refund applied to next year as estimated payments. After the tax rule change, TT shows we should be due an additional $550 due to qualifying for the earned income tax credit (which we couldn't claim originally with unemployment).

Will the IRS reprocess our return and give us the credit and send us a check for the refund? Or will they apply the additional refund to next year's estimated payments? If so, how will we know?
Post Reply