Unemployment refund

[ChasePalmer95]

So I filed my taxes 02/11/2021. After that, I received another 1099-G from my state. The first one the sent in January apparently was not accurate.

I never amended my taxes because I didn’t think it would be a huge deal. But now with this unemployment refund, I’m starting to wonder. 

should I have amended my taxes? Is the IRS going to be going off the first amount I put in my taxes? Or would they have received my updated 1099-G from my state?

Basically, my question is, should I amend my taxes or not? And how can I tell if they will be sending me a refund?

[fanfare]

Do not amend until you see what the IRS does to your tax return.

IRS is adjusting all affected tax returns filed before the changes.

That comes to about 13.2 million tax returns.

[JeanneJJ]

When my taxes were processed I was owing the Federal a certain amount, this was before the unemployment tax law was approved,  and I was given 4 installment payment dates which I have paid the first installment date, it's now time for the second installment payment.  How can I find out if what I owed was reduced after the unemployment tax law was approved, or if I'll receive a refund, I am so confused??????

[VolvoGirl]

4 installment dates?  That sounds like the 4 quarterly estimated payments, not for your tax due.  Are they the 1040ES forms? Your tax due is a Single 1040 V voucher unless you entered your bank account for the IRS to pull it out.

The 1040ES are estimates for next year. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. They are optional to pay.  If you paid any be sure to manually enter it on your 2021 return next year.

[VolvoGirl]

For unemployment,  we think If you had a tax due on the original return and haven't paid yet you don't have to pay it.  Wait for the IRS to send you the new refund or a new bill.

If you have filed early before the exclusion, the IRS will recalculate your return for the new 10,200 unemployment exemption 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.

Just keep waiting.  The IRS is sending them out in batches over the summer.

See IRS article May 14, 2021

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

And see,

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

Do you need to amend your state return?

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

[zillner1123]

I was wondering the same thing about mine

[John m greco]

Don’t debit that account it’s not mine. 

[zillner1123]

So I do not have the file a amend My taxes for the unemployment refund I do have one dependent and head of household

[zillner1123]

So I do not have to amend my tax return for the unemployment I have one dependent and I am head of household

[DoninGA]

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@zillner1123 wrote:

So I do not have the file a amend My taxes for the unemployment refund I do have one dependent and head of household

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No, you do not need to amend the 2020 tax return that you filed to get the unemployment compensation exclusion tax refund.

Go to these IRS websites for information -

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

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

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs