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Tax Year 2020: I just filed my turbo tax online, got an email my returns was accepted by IRS. I need to make an amended return?

 
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Tax Year 2020: I just filed my turbo tax online, got an email my returns was accepted by IRS. I need to make an amended return?

You have to wait until the IRS has fully processed your filing and issued your refund, as they may change something.  Plus, the 1040X form won't be ready here until later this month.  Also, Forbes today published the following:

 

IRS Statement - American Rescue Plan Act of 2021

The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time. 

 

The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance. (Emphasis added)

 

 

 

 

Tax Year 2020: I just filed my turbo tax online, got an email my returns was accepted by IRS. I need to make an amended return?

I filed declaring unemployment income...will I be notified by turbo tax when the software is ready to send an amended return?

JulieC14
Expert Alumni

Tax Year 2020: I just filed my turbo tax online, got an email my returns was accepted by IRS. I need to make an amended return?

Yes, you can sign up to be notified by TurboTax of when the IRS provides additional guidance about what you need to do to take advantage of the unemployment income relief if you already filed your 2020 tax return.  Please sign up in the link provided in this Help Article:    How do I get the new unemployment benefits if I’ve already filed my taxes?

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