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gromgrommachine
Level 2

If I'm eligible for the reduction in taxes due to the $10,200 tax break, do I need to amend? We're getting into May and I don't find your latest update clarifies much...

I just want to make sure I don't miss anything.
1 Best answer

Accepted Solutions
Critter-3
Level 15

If I'm eligible for the reduction in taxes due to the $10,200 tax break, do I need to amend? We're getting into May and I don't find your latest update clarifies much...

If you open your return the "fix" will be in so look and see if you still owe or get a refund.   If you are getting a refund do NOT pay the IRS and just sit tight while they correct your return and send the refund. 

 

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

 

This will take you back to the 2020 online tax return.

 

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  

View solution in original post

4 Replies
DavidD66
Employee Tax Expert

If I'm eligible for the reduction in taxes due to the $10,200 tax break, do I need to amend? We're getting into May and I don't find your latest update clarifies much...

Do not amend your tax return.  Just wait patiently.  According to the IRS:

 

If you have already filed your 2020 Form 1040 or 1040-SR, you should not file an amended return. The IRS will automatically refund money to people who already filed their tax return reporting unemployment compensation. See IR-21-71  for more details.

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gromgrommachine
Level 2

If I'm eligible for the reduction in taxes due to the $10,200 tax break, do I need to amend? We're getting into May and I don't find your latest update clarifies much...

David,

 

Edited to include that by selecting "Amend my return" on the main Tax Home page, a number does appear in the top right corner showing me that the government will owe me money instead of me owing it money. Is there a reason I need to select "amend return" to see this number and it's not just presented on the main page as reassurance that I shouldn't do anything?

 

All major media outlets and the IRS say a a "refund" will be presented for the amount owed back on the $10,200, but I haven't actually paid my taxes yet, just filed them. Do I need to pay and then await the amount owed? Or will Turbotax update automatically to represent that I don't need to send money (instead of me cheating and selecting the amend return option as mentioned above) before May 17? 

 

Nervous because we're down to 2 weeks, and while I get that it's up to the IRS to take action, I expect the software I pay for to provide some kind of clarity about what I actually need to do.

 

And we all know the IRS takes quick action if they're owed money. Trying to avoid dealing with that haha.

 

Thanks,

 

Critter-3
Level 15

If I'm eligible for the reduction in taxes due to the $10,200 tax break, do I need to amend? We're getting into May and I don't find your latest update clarifies much...

If you open your return the "fix" will be in so look and see if you still owe or get a refund.   If you are getting a refund do NOT pay the IRS and just sit tight while they correct your return and send the refund. 

 

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

 

This will take you back to the 2020 online tax return.

 

Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  

View solution in original post

gromgrommachine
Level 2

If I'm eligible for the reduction in taxes due to the $10,200 tax break, do I need to amend? We're getting into May and I don't find your latest update clarifies much...

Again with the fast replies! Very nice.

So at the top of the page and on line 34, it says I will be owed money. Hurray!

 

However at the top of the form it still says I owe X number of dollars. 

 

Just print this and be ready to reference line 34 in the off chance something comes up (if I haven't received the amount on line 34 within the next 2 weeks)? 

 

I know it's unlikely, but it's not my fault I've been trained to fear the IRS! But you folks make it easier lol. 

 

 

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