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bluertl
New Member

On amended fileingtax credit of $10200

we get back $459 from state but have to py $457 to fed
2 Replies
KochuK
Employee Tax Expert

On amended fileingtax credit of $10200

Below is from IR-2021-123 on 6/4/2021:

The American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. The $10,200 is the maximum amount that can be excluded when calculating taxable income; it is not the amount of refunds.

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-pa...

Most taxpayers do not need amend their 2020 Federal tax returns, but to wait for IRS auto adjustment per the announcement.

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On amended fileingtax credit of $10200

@bluertl 

 

REVIEW the entire amended return against the original to see what happened ... it is possible that you may need to amend the return once the IRS is done if you had EIC on the return and using the 2019 earned income for the EIC or CTC credits would get you more refund than the now lower 2020 income.  

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