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I submitted IRS Return and it was Accepted. I owe money but did not send it yet, since I now qualify for the new Unemployment $10,400 benefit. What do I do now?

I only read answers to my question pertaining to a Refund, but I Owe.  Will IRS send me a bill with the new amount due?  I did not send the old amount yet, or should I Amend?
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1 Best answer

Accepted Solutions
LinaJ2020
Expert Alumni

I submitted IRS Return and it was Accepted. I owe money but did not send it yet, since I now qualify for the new Unemployment $10,400 benefit. What do I do now?

Both are possible solutions.  However, I favor "waiting for the IRS" option.  The unemployment exclusion might reduce or eliminate what you owe.  Wait for the IRS to tell you if you still owe.  

 

@Shakeley15

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3 Replies
ColeenD3
Expert Alumni

I submitted IRS Return and it was Accepted. I owe money but did not send it yet, since I now qualify for the new Unemployment $10,400 benefit. What do I do now?

In this case, you can amend and make sure that the $10,200 is excluded. Then you can pay your balance due with the return, if there still is any.

I submitted IRS Return and it was Accepted. I owe money but did not send it yet, since I now qualify for the new Unemployment $10,400 benefit. What do I do now?

I got a call from Turbo Tax and they said to wait as I'll get a letter from IRS with the new amount due.  Which answer is correct, yours to Amend or the phone call I got to Wait.  I'm very confused!

LinaJ2020
Expert Alumni

I submitted IRS Return and it was Accepted. I owe money but did not send it yet, since I now qualify for the new Unemployment $10,400 benefit. What do I do now?

Both are possible solutions.  However, I favor "waiting for the IRS" option.  The unemployment exclusion might reduce or eliminate what you owe.  Wait for the IRS to tell you if you still owe.  

 

@Shakeley15

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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