Do we need to amend completed returns if we received UI in 2020 to account for the new Stimulus Bill (if passed) that makes up to $10,200 of UI non-taxable?

rafferty-john · ‎March 8, 2021

If we need to amend the return, any idea of how that will impact our refund?

xmasbaby0 · ‎March 8, 2021

That tax law has not yet been signed into law by the President. When that happens then the IRS will need to change the tax forms, the programmers have to change the software, and then the IRS has to approve of their software. That will take time---we do not know yet when all of those changes will be accomplished. As soon as more is known, TurboTax will provide information. The software changes will take weeks or even several 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.**

MinhT1 · ‎March 8, 2021

The new proposed bill is expected to exempt $10,200 of unemployment income in 2020 from Federal taxes.

The bill is not law yet. When it does, the IRS will provide guidelines on what taxpayers need to do. And TurboTax will always timely assist their customers.

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Do we need to amend completed returns if we received UI in 2020 to account for the new Stimulus Bill (if passed) that makes up to $10,200 of UI non-taxable?