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Anonymous
Not applicable

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

When may I use turbotax to file amended 2020 return to claim retirement savings contributions tax credit, also known as the Savers Credit, for which I newly qualify after unemployment compensation exclusion is entered? The IRS guidance says that a newly eligible tax credit is one of the exceptions that will necessitate amending my 2020 return.

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10 Replies
ToddL99
Expert Alumni

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

Form 1040X is showing as available in IRS forms availability table for TurboTax individual (personal) tax products.

 

First, make sure you really need to amend and that your 2020 return was accepted in TurboTax Online or paper-filed through the mail. You can't amend a return that hasn't been filed yet.

 

See How do I amend my 2020 return? for instructions on amending.

 

Anonymous
Not applicable

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

I have read several posts by users stating that when they use TT to amend 2020, that the request is denied within the software. I'm trying to verify that the software is up-to-date before selecting the option, and the effect it will have on transferring the amended entries to my Missouri state amended 2020 return as well.

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

Amend is available in TurboTax.  Be sure to follow the steps in this Amend link.

 

When you amend your federal, use a browser and clear browsing data for all time before sigining in to Online TurboTax.

 

If using Desktop TurboTax desktop, update the program before amending.   Your federal changes will carry to your state return.  Be sure to go through the state amend and review both federal and state amends.

 

You generally must file an amended return within three years of the date you filed the original return or within two years after the date you paid the tax, whichever is later.

Anonymous
Not applicable

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

Thank you. The link you provided was a dead end, but I saw another post with steps on how to launch the amend steps in TT download software for Mac, and I have completed the interview, which accurately results in displaying the Saver's Credit, for which I'm now eligible.  Two questions...

1. Is it true that I cannot provide Direct Deposit bank routing and account details for the refund, and I must wait for a paper check?

2. Even with the most recent software update that I downloaded today, my Form 1040 still does not reflect the American Rescue Plan's waiver of repayment of excess premium tax credit. Will this come in a forthcoming software update?

JotikaT2
Employee Tax Expert

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

You will be able to enter your direct deposit information in the File section if you decide to electronically file your amended return.

 

Entering bank direct deposit information

 

As far as the updates for the premium tax credit, we are still waiting for the IRS to issue guidance and as such, the software is not updated for these changes.  Please see the link for more information from the IRS.

 

Reconciling premium tax credit

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Anonymous
Not applicable

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

Is there any chance that the IRS provided guidance today from which TurboTax can make the software update for the waiver of the repayment of the excess premium tax credit on the 2020 return?

DaveF1006
Expert Alumni

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

It depends.  No word yet according to this IRS site, but keep checking back for updates. 

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Anonymous
Not applicable

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

Just checked (Apr 6) and found no additional TurboTax updates. My app is ver. 2020.r24.047 last revised on 4/3/21.

Still looking for update that will reflect 2020 tax relief that waives the repayment of excess premium tax credit.

MarilynG1
Expert Alumni

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

@Anonymous

 

At this time, the IRS is refunding the excess PTC you paid on your tax return for 2020 and is not recommending that you Amend your Return. 

 

Click this link for more info on PTC Tax Credits.

 

 

 

 

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Anonymous
Not applicable

Need to amend 2020 return to claim Savers Credit after Unemployment Tax Relief

I have already determined that I must file an amended return to report my newly eligible status and claim the Retirement Savings Contributions Tax Credit, so I'm just following up as to when Turbo Tax for Mac software will also have the update to reflect the waiver of repayment of the excess premium tax credit, so I may finish my amended return for 2020...

UPDATED -- just downloaded today's update for Turbo Tax and am very thankful to see that this waiver is now incorporated. Yay!

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