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?
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.
Please read this very recent news from the IRS:
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.
@Critter-3 I would like to see every member of Congress put on the night shift at the IRS for a couple of months.