So like most others, I lost my job due to COVID (worked there for about a month) and start receiving unemployment. I was on unemployment checks for about a month or 2 and gotten a new job by then. I stopped filing for unemployment checks and went about my life. Now I totally forgot about unemployment tax form until I saw my dad's. I have moved and the unemployment tax form went to my old address. I already called them and they send another one to my new address. I have the form with me however, I have already filed my taxes and it have already got accepted.
Will I get in trouble due for missing that form? Will I owe money?
What is my next step here?
Thank you!
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You were supposed to enter the 1099G for unemployment---which is taxable income on your federal return and possibly on your state return. But you will have to wait to fix it.
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner.
If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.
Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.
If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.
Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed
I see! Thank you so much for that!
I did see that my 1040x once be available until the end of March for me to do and amended tax return.
My next question is once I fill out the 1040x and e file it, what will happen next? Do I have to wait till I receive the money first to do the form or can I do it before I receive the money? Will it take out money from the refund I will receive? (Just so I can prepare to put money on the side if it's gets taken out.)
Thank you so much! Your answer is very helpful!
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