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Has anyone heard what to do if you already filed taxes and owe. But then the American Tax act was released AFTER i filed taxes. I may not owe????

 
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2 Replies

Has anyone heard what to do if you already filed taxes and owe. But then the American Tax act was released AFTER i filed taxes. I may not owe????

DanaB27
Expert Alumni

Has anyone heard what to do if you already filed taxes and owe. But then the American Tax act was released AFTER i filed taxes. I may not owe????

If you are referring to the changes with unemployment then you do not need to file an amended return unless the calculations make you newly eligible for additional federal credits and deductions not already included on the original tax return. Please see IRS to recalculate taxes on unemployment benefits; refunds to start in May for details.

 

If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.

 

 

If you need to cancel a payment then call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling. Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

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