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Returning Member
posted Apr 5, 2021 12:31:31 PM

Unemployment forgiveness & tax credits

We've already uploaded our 2020 tax return and it was accepted prior to the changes made in March regarding unemployment. This affects our return greatly with taxes owed, ACA credit, EIC credit and child care credit. Will the IRS pick up on all of this when they review the prior submitted tax returns starting in May or do we need to do an amendment to get these corrected? Thank you in advance for your time and guidance.

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1 Replies
Level 15
Apr 5, 2021 12:35:19 PM

the IRS says not to amend for those items.

the increased child tax credit doesn't go into effect until 2021. however, starting in July 2021 the IRS will be making advance payments for this.