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Barnett69
Returning Member

Do i need to file amendment for unemployment tax break

Do I need to file amendment for unemployment tax break
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3 Replies

Do i need to file amendment for unemployment tax break

If you filed before the $10,200 unemployment exclusion, the IRS will recalculate your return for you. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.


See this new IRS announcement May 14, 2021
https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

You may need to amend your state return
https://ttlc.intuit.com/community/state-taxes/help/do-i-need-to-amend-my-state-return/00/2134732


You can log back in or open your return and it should automatically update your return and show you the new refund. But the updated return won't be sent. The IRS will adjust it for you. You may need to update the Desktop program for it.

 

Barnett69
Returning Member

Do i need to file amendment for unemployment tax break

What is a desk top and where do I go to update it ,I'm not good with internet phones or competer can you help me 

Do i need to file amendment for unemployment tax break

@Barnett69 "Desktop" software refers to the software that is installed to your own computer from a CD or download.  If you used the web-based version of TurboTax you used "online" TurboTax, not desktop.   If you did use the CD/download software, then you update your software by going up to the upper left corner and clicking on TurboTax and then click Check for Updates.

 

Not sure what that has to do with your original question about whether you need to amend.   As already explained to you, the IRS will recalculate your refund and send you an extra refund if you filed your tax return before Congress changed the tax law.   You do not have to amend for unemployment---you just have to wait for the refund.

 

 

 

The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.   

 

 

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.  The refunds are being sent out in batches—starting with the simplest returns first.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...

 

 

Please read this very recent news from the IRS:

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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