My return is scheduled for direct deposit this week. It is only for the amount on my original return. It doesn’t include the unemployment credit. Will the remainder come separately?
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Here is why you do NOT amend your return for unemployment:
Please read this very recent news from the IRS:
I had a phone conversation yesterday with TurboTax. They walked me through my return and did see that the irs did account for the unemployment credit. I got notified of a pending deposit of my return without the credit so I will, after reading your post, assume in or after May the remainder will come. Thanks for linking that info!
For others reading this post in the future ... there is no such thing as an unemployment CREDIT. There is an EXCLUSION of up to $10,200 ($20,400 if married) from your taxable income which reduces your taxable income and decreases your federal taxes which in turn will either increase your refund or decrease your balance due.
For those who have already filed without the EXCLUSION on Sch 1 line 8 then the IRS will eventually correct this situation and adjust the bottom line. Do NOT send in an amended return until you see what the IRS does first. Filing an amended return too early can cause things to be delayed for months.
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