Does anyone know a step by step process to amend my tax return based on the Unemployment Credit? It says Turbo Tax will automatically adjust, so what do I amend?

[khcleland]

My AGI will go down by $10,200 but without taking it off of my unemployment income (turbo tax does that automatically) how do I check to see if I qualify for any other rebates or credits?

[fanfare]

To see if you qualify you have to examine your tax return and compare the latest 1040 and your originally filed 1040.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.

[DavidD66]

According to the IRS "Taxpayers only need to file an amended return if the recalculations make them newly eligible for additional federal tax credits or deductions not already included on their original tax return."

For taxpayers who already have filed and figured their 2020 tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation. Any resulting overpayment of tax will be either refunded or applied to other taxes owed.

The agency will do these recalculations in two phases.

• First, taxpayers who are eligible to exclude up to $10,200.
   
• Second, those married filing jointly who are eligible to exclude up to $20,400, and others with more complex returns.