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Topic

Income tax return for 2020

Question
#1
  • Mango
  • mail
  • 2021/06/08 17:59

Aloha ！
I completed the process for my 2020 income tax return with my CPA this March. I paid a total of about $ 5,000 to State, Federal. My question is, is it true that I heard that I can get the tax back depending on the amount of unemployment insurance I receive ？ Of course, the CPA also included a deduction of $ 10,200. Thank you in advance.
Mahalo.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#2
  • tax man
  • 2021/06/08 (Tue) 23:31
  • Report

Regarding the ＄ 10 ， 200 minute Refund for the unemployment insurance credit,
according to the IRS announcement dated June 4, ＄ 2 ． 8Million Refund has been paid.

Wait and see as the payments will continue through the summer.

The announcement is attached below.

IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-paid-taxes-on-2020-unemployment-compensation

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#3
  • Mango
  • 2021/06/09 (Wed) 12:14
  • Report

Aloha tax man,
thanks for your reply😊
$ 10,200 is big ！ looking forward to it.

Mahalo

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#3
  • Mango
  • 2021/06/09 (Wed) 12:20
  • Report

Aloha tax man,
thanks for your reply😊
$ 10,200 is big ！ looking forward to it.

mahalo

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#6

Aloha tax man,
I already filed with a $ 10,200 deduction so I won't get my money back ？.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#7
  • tax man
  • 2021/06/09 (Wed) 14:21
  • Report

＞ I already filed with a $ 10,200 deduction so I won't get the money back ？

Unemployment insurance ＄ 10 ， 200 means I already deducted it when filing.

It means those who already paid taxeson 2020 unemployment compensation
"to those who have already paid income taxes for unemployment insurance".

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#8

Aloha tax man,
I applied with $ 10,200 deducted, so you won't get it ？.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#9

tax man,
so you are saying that the $ 10,200 that was deducted at the time of application will be refunded in that exact amount ？ I thought only those who applied without that deduction would get a refund.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#10
  • tax man
  • 2021/06/09 (Wed) 17:01
  • Report

＞ So you are saying that the $ 10,200 that was deducted at the time of filing will be returned in that exact amount?

Since the ＄ 10 ， 200 unemployment insurance
was enacted later than the date of filing, those who filed before the bill was enacted paid ＄ 10 ， 200 more income
in income taxes.
so you are now paying back that excess tax.

Let me give you a simple example.

Suppose the amount of unemployment insurance is ＄ 20 ， 000.
And if your normal income is ＄ 20 ， 000 for a total of ＄ 40 ， 000 and you file a return

tax rate of 10% （ Suppose ） you
＄ 40 ， 000X 10% ＝ ＄ 4 ， 000 （ Suppose this is the amount payable ）

but ＄ 10 ， 200 is now deductible, so
the actual payment is
＄ 29 ， 800( ＝ ＄ 40 ， 000 － ＄ 10 ， 200)
This ＄ 29 ， 800X10% ＝ ＄ 2 ， 980 is the original payment.

Therefore,
IRS will return the difference ＄ 1 ， 020 （ ＝ ＄ 4 ， 000 － ＄ 2 ， 980 ）
that is.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#11

I see. I would be happy to get a refund of any amount. Thank you for taking time out of your busy schedule.
Mahalo.

This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)

#13
  • ほやほや
  • 2021/06/10 (Thu) 12:35
  • Report

I heard a rumor that the Federal deduction is $ officially set at 10200, but the State one is actually still undecided and will be officially decided around July, but I'm not sure what the truth is ？.

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#14
  • tax man
  • 2021/06/10 (Thu) 20:14
  • Report

> I heard a rumor that the State has not actually decided yet and the official decision will be made around July
> but I am not sure ？


As this article says, at this time, the amount of unemployment health benefits is treated as taxable by the state
regardless of the state tax. tax is still taxable.

Taxes on Unemployment Benefits: A State-by-State Guide

https://www.kiplinger.com/taxes/state-tax/602307/taxes-on-unemployment-benefits-a-state-by-state-guide

State Taxes on Unemployment Benefits: Unemployment compensation is fully taxed in Hawaii.

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#15
  • ほやほや
  • 2021/06/10 (Thu) 20:43
  • Report

Tax man

Thank you for the explanation that the tax treatment is still the same.
Thank you for the clarification and the link.

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