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Anonymous
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I read that if I received unemployment and filed before the exemption I may need to file an amended return if I would have qualified for tax breaks. Should I amend?

 
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I read that if I received unemployment and filed before the exemption I may need to file an amended return if I would have qualified for tax breaks. Should I amend?

Depends what new tax credits you would qualify for.

 

If you have filed early before the exclusion, the IRS will recalculate your return for the new 10,200 unemployment exemption for you. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.

 

Just keep waiting.  The IRS is sending them out in batches over the summer.

See IRS news July 13, 2021

https://www.irs.gov/newsroom/irs-readies-nearly-4-million-refunds-for-unemployment-compensation-over...

 

See IRS article May 14, 2021

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

I read that if I received unemployment and filed before the exemption I may need to file an amended return if I would have qualified for tax breaks. Should I amend?

If you PROMISE to save a PDF and a .taxfile of the original return for future use and safekeeping  then you can use the amendment process to see what the return will look like after the IRS changes it for the unemployment exclusion.   

 

However if you then find a new credit was added by the program  that was not on the original return you will need redo the amendment and file/mail it AFTER you eventually get the corrected refund from the IRS.  Do not jump the gun.  

                                                                                                                             

Anonymous
Not applicable

I read that if I received unemployment and filed before the exemption I may need to file an amended return if I would have qualified for tax breaks. Should I amend?

I was then eligible for EIC credit, so I filled an amended return, shortly after I received a refund for the 10,200 so I think I will be over payed for child tax credits. What should I do?

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