You'll need to sign in or create an account to connect with an expert.
What changes would you have to make on the 2020 federal tax return because of the stimulus bill passage?
The bill allowed for a $3600 Child Tax Credit instead of the normal $3000. It also forgives the first $10,200 of unemployment payments. This is the difference of me owning to probably getting money back. I'm not sending in the payment I was supposed to with these new allowances. Therefore, I need to know how this tax return can be changed, because it does not need to be amended as it was never submitted.
@thestaceyjewell wrote:
The bill allowed for a $3600 Child Tax Credit instead of the normal $3000. It also forgives the first $10,200 of unemployment payments. This is the difference of me owning to probably getting money back. I'm not sending in the payment I was supposed to with these new allowances. Therefore, I need to know how this tax return can be changed, because it does not need to be amended as it was never submitted.
If you file a 2020 tax return that is incorrect (possibly fraudulent) you will be receiving notices from the IRS in a few weeks questioning the tax return.
Absolutely Nothing has been changed which will affect the 2020 tax code.
After the legislation has passed Congress and after the President has signed the legislation and after the IRS has written the rules, regulations and procedures. And after the IRS has changed any forms or schedules to accept the tax code changes. And after the IRS has approved the changes in the TurboTax program that apply to the tax code changes, then it will be available for the users of the tax preparation software.
This can take anywhere from several weeks to several months before it becomes available.
Ok, thank you for the harsh delivery of information. My question still has not been answered, and you're kind of missing my point. The stimulus bill will drastically change my tax return that I HAVE NOT filed yet. I'm asking how in TurboTax do I change my return when the new stimulus mandates have been released to the programs that prepare tax returns? I do not need to AMEND anything as I have not submitted anything. TurboTax is not allowing me to make changes to what I have prepared. It's in "Final" mode with them, so no changes are allowed. I need for my return to come out of this mode, so that when the appropriate system updates have been made, I can re-finalize. Thank you.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
keltonand
New Member
rmshermanus
New Member
laurarincon2606
New Member
loloalvarez90
New Member
s_wildoner
New Member