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New Member
posted Apr 27, 2021 9:08:41 PM

I filed before the unemployment tax credit and owe $1400 but I haven't paid yet. Do I need to amend my taxes to receive the new unemployment tax credit?

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2 Replies
Level 15
Apr 27, 2021 9:16:52 PM

No,  If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend.  The IRS will be adjusting it for you.  See,

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

 

If you had a tax due on the original return and haven't paid yet you don't have to pay it.  Wait for the IRS to send you the new refund or a new bill.

Expert Alumni
Apr 29, 2021 8:43:00 PM

Let the IRS adjust your return, if your income will be below $150,000. The IRS will adjust if a credit is  already on the return.

 

If not, you would need to amend for credit. Only amend if the credit is not on your return and should be - after the IRS is done.

 

 

Some credits:

 

Earned Income Credit eligibility:

The greater of AGI or earned income must be less than:

  • $15,820 ($21,710 for MFJ) with no qualifying children,
  • $41,756 ($47,646 for MFJ) with one qualifying child,
  • $47,440 ($53,330 for MFJ) with two qualifying children, or•$50,954 ($56,844 for MFJ) with three or more qualifying children. 

Child Tax Credit

 

Education credit, retirement savings and more!