Amending My Return

Forum|Forum|5 years ago
March 16, 2021
1 reply
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I filed my 2020 taxes before the stimulus package was signed. I had unemployment income. How do I file an amended return to recoup the $10,200 tax exemption benefit?

Amend

xmasbaby0

Level 15

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

SweetieJean

Alumni - Champ

You might not need to amend Federal for this. But State is still unknown.

The IRS is moving to issue refunds for Americans who paid taxes on $10,200 in unemployment benefits last year (yahoo.com)

Critter-3

Level 15

It will be interesting to see if the IRS will also catch the PTC repayments since I have clients who had to pay back some of the credit because the unemployment was taxable ... removing the unemployment affected the PTC repayment which is no longer required. So will the IRS catch both items on the return or not is the question of the day.

And will they also redo any return with the PTC on it and no unemployment ??? I also have clients in this situation.

I feel sorry for the IRS to have to deal with this AND getting out the 3rd stimulus payments during an active tax season ... someone didn't think this through very well AGAIN.