With the passing of the 10,200.00 tax credit I was told I will have to file an amendment for my return? How do I do that?

[DoninGA]

Who told you that you have to file an amended tax return?

Nothing has passed Congress so there has been no changes to the tax code.

The legislation only would affect a federal tax return.  The various states that tax unemployment compensation would have to make changes to their own tax codes and only if they so desire.

TurboTax nor any other tax preparation software company can do anything until After the IRS has written the rules and regulations after passage of legislation which changes the tax code.

[macuser_22]

And it typically takes the IRS 2-5 months to write the regulations and new tax forms.  And it is unknown if it will be retroactive to a 2020 tax return or will be claimed next year on a 2021 tax return.

[Njdre80]

This person asked the same question as me and your responses are so aggressive and don't answer the question asked. 

If they already filed and this legislation goes through, they would have to file an amendment to get money back, whether from a refund from overpayment or refund from what they paid if they owe. 

That is the reason why I didn't file yet as I don't want to deal with file amendments. 

You should try to answer people's questions nicely or don't bother replying at all, especially if your going to be condescending and not answer the question. 

[macuser_22]

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@Njdre80 wrote:

This person asked the same question as me and your responses are so aggressive and don't answer the question asked. 

Aggressive??   Not hardly - just telling it as it is.  *If* it becomes law, then the regulations are months away.   The IRS must write the regulations based on the law. 

The question is unanswerable at this point - it is all speculation as to what the final law will say and how long it will take.  Nobody knows if 2020 will need to be amended or not.

It still must go back to the House and can be changed there.

[Njdre80]

macuser_22, my response was not directed towards you, but the other person that answered. They also answered the same question I posted and it was quite condescending and this is my first time posting on here and it caught me off guard. 

I understand your saying the IRS may take months to implement the legislation, but there have been countless articles advising to hold off on filing if your eligible for any of the exemptions on unemployment income...so if I file now, I owe about $2200, if this goes through it may be significantly less..but if it's not reflected in the tax law by April 15th, is everyone just going to file amendments??

[Critter-3]

Agreed ... the responses were appropriate and matter of fact to those asking about things that have not been written into law yet.   When or IF    something is eventually passed into law then the IRS must figure a way to implement the tax law changes which will take some time to happen.  Please watch for the FINAL tax law changes that the president actually signs into law before asking another question as to how to deal with the confirmed changes. 

[Njdre80]

@Critter-3 

Thank you for that reply. I appreciate it and that's all I was looking forward to in the first place. So I'm assuming I'm better off just filing my taxes now, and then will probably file an amendment after the changes are written into the IRS tax laws

[Critter-3]

@Njdre80 

If you owe then you have until 4/15 to file the return and pay the balance due ... in your situation I would WAIT to see what happens.  If they do change the law before 4/15  then you will be able to make the change on the return BEFORE you file it and will not need to amend anything.   

[Njdre80]

@Critter-3 thank you. That's along the lines of what I was hoping to hear. Thank you for your help and advice. Much appreciated