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
LinaJ2020
Expert Alumni
May 17, 2021 5:05:04 PM
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.
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.
Shakeley15
Level 1
May 17, 2021 4:15:57 PM
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
May 17, 2021 5:05:04 PM
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.