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For taxpayers who already have filed and figured their 2020 tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation. Any resulting overpayment of tax will be either refunded or applied to other taxes owed.
The agency will do these recalculations in two phases.
Phase one will begin in May. A timeline for phase two has not yet been announced.
Taxpayers only need to file an amended return if the recalculations make them newly eligible for additional federal tax credits or deductions not already included on their original tax return.
Taxpayers only need to file an amended return if the recalculations make them newly eligible for additional federal tax credits or deductions not already included on their original tax return..
Correct. I didn't receive EIC on my original.
I now qualify for it.
Turbo tax shows my amendment as 0 refund due when I should be getting 2,501.00 back
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