![]() ![]() You will be refunded 1000 in overpayment. Since you had taxes withheld you paid 2000 when now you are only supposed to owe 1000. ![]() Now this deduction removed 10k of taxable income. ![]() The state is urging taxpayers to file a state return without claiming the tax break. You received 20k in unemployment and had taxes withheld. Taxpayers likely won't know what the final rules are when they file their state taxes. The state didn't extend the tax deadline, which is currently April 20. But taxpayers won't know whether the measure will be adopted until after the legislative session adjourns on April 29, according to the Hawaii Department of Taxation. The Hawaii State Legislature is considering adopting the unemployment tax break. In other states like Hawaii, the situation is even more complex. "If you already filed your 2020 New York State return, and you did not add back unemployment compensation that was excluded from your federal gross income, then you must file an amended return with New York State," according to the Department of Taxation and Finance. That's the case in New York, for example. They're telling taxpayers to file an amended state tax return to accurately reflect income. Personal Loans for 670 Credit Score or Lowerīut some states aren't correcting the returns automatically. Personal Loans for 580 Credit Score or Lower Rather than trust strangers on the internet, contact your local resources to get accurate answers.Best Debt Consolidation Loans for Bad Credit 10,200 Unemployment Tax Break A last minute addition to the 1.9 trillion stimulus package exempted the first 10,200 of 2020 unemployment compensation from federal income tax for households. No one here is your attorney or your professional tax advisor, and no attorney-client or other protected relationship will be formed between redditors without a signed engagement letter. No one, without express written permission, may use any part of this subreddit in promoting, marketing or recommending an arrangement relating to any federal tax matter to one or more taxpayers. Unless expressly stated otherwise in writing, (1) nothing contained in this subreddit was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended (2) any written statement contained on this subreddit relating to any federal tax transaction or matter may not be used by any person to support the promotion or marketing or to recommend any federal tax transaction or matter and (3) EVERY taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter contained in this subreddit. All opinions set forth in this subreddit are subject to the disclaimer pertaining to IRS Circular 230 set forth herein. Feel free to post questions or news, and stay respectful. This venue is a place for all matters or issues regarding the Internal Revenue Service including procedural operations and taxpayer disputes alike. If you are compelled to contact John directly he can be reached at or via. This sub-reddit is moderated by John Dundon, EA, an Enrolled Agent licensed by the US Treasury Department to represent taxpayers before the IRS. This sub-reddit is about questions and well-reasoned answers for maintaining compliance in order to properly navigate the procedural shoals of the Internal Revenue Service, IRS. ![]()
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