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You can amend a 2020 tax return now.
An amended return, Form 1040X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
See this TurboTax support FAQ on amending a tax return originally completed and filed using the 2020 TurboTax editions - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-return/01/27439
you raise an interesting issue. the IRS will catch the omission and it has stated they it will automatically adjust for the nontaxable portion of a return's UC (the lesser of your UC comp or $10,200) as long as MAGI is $150K or less. so the question becomes will it do the amending for you by picking up your unreported UC and then subtracting the exclusion amount. Then bill you for whatever you owe or refund any overpayment. Recommend you wait at the present time since the return and any payment owed on it is not due until 5/17/2021
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