Amending My Return
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focus2you
New Member

Amending My Return

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?

6 Replies
xmasbaby0
Level 15

Amending My Return

 

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

 

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...

 

 

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
Level 15

Amending My Return

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 ...

Critter-3
Level 15

Amending My Return

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.  

xmasbaby0
Level 15

Amending My Return

@Critter-3 I would like to see every member of Congress put on the night shift at the IRS for a couple of months.

**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
Level 15

Amending My Return

@xmasbaby0  @Critter-3 

and I wonder how many folks will now have to amend State (but without amending Federal) due to this.

Critter-3
Level 15

Amending My Return

LOL   Want things fixed FAST  put them on the same insurance as the regular folks  and  take away their lifetime  pensions and only give them SS benefits. 

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