You generally do not need to amend for Federal.
However, taxpayers would have to file an amended return if they did not originally claim the EITC or other credits, but now are eligible because the [unemployment comp] exclusion changed their income. These taxpayers may want to review their state tax returns as well.
But see these re State:
How is my state taxing unemployment income? (intuit.com)
Do I need to amend my state return to update my un... (intuit.com)
If this is related to the unemployment exclusion then you should wait until the IRS has updated your return before filing an amended return. It's possible that you may only need to amend the state return.
The IRS has asked that taxpayers not amend for the unemployment exclusion, unless the unemployment tax break makes them newly eligible for tax benefits like the earned income tax credit.
-follow this link for additional information-
I need to amend my state return - TurboTax
Unemployment Stimulus: Am I Eligible for the New ...
If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.
From fanfare:
The turbotax email/letter was misleading.
You can wait because IRS is going to adjust your refund for you , in the future.
The email should say "MAY need to amend IF ..." but it was poorly written and not proof read by the correct experts before it went out.
So I should not file an amended return for this? What if I do?
I filed a amendment because I thought I was supposed to after getting the alert now what!
But gentlemen my ask is When? I filed on February 12. I actually did not receive a refund. I had a pay out to the IRS. But now I would like the $$ back from the taxes I paid for unemployment.
I have not heard from the IRS pertaining to anything on my refund for unemployment taxes I paid. I find it hard to stand and do nothing with my fingers crossed that the IRS is on this.
Does anyone know of a date that this is all supposed to take place?
Thanks
The IRS began to send out the additional refund checks for tax withheld from unemployment in May. If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.
TurboTax cannot track or predict when it will be sent. The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.
Please read this very recent news from the IRS:
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs
Is Turbo Tax charging to file these amended returns if the taxpayer already paid them to file the original return?
Amending is free as long as you don't need to upgrade to do it. For instance if you used the FREE version but need to add a Sch C you will be required to upgrade to the SE version which you would have had to use for the original return.
@tbart There is no fee to amend your tax return unless you need to upgrade to a higher version of the software for the change you are making.
How can I tell if the taxes withheld from my unemployment during 2020 (pandemic) Were issued on my federal tax return? We used turbo tax.
For 2020 the federal income taxes withheld from the Form 1099-G will be included on the federal tax return, Form 1040 Line 25b.
I see that. But, does that mean that amwas refunded?
Why do you expect it to be refunded? It might be. You get credit for it and it increases your refund or reduces a tax due. Are you really asking about the 10,200 exclusion? When did you file? Did you file before the exclusion?
Your unemployment compensation will be on Schedule 1 line 7. The exclusion will be on Schedule 1 Line 8 as a negative number. The result flows to Form 1040 Line 8.
I forgot to file unemployment taxes. How do I go about filing them.
@Kisha591 Do you mean you already e-filed without entering unemployment you received in 2021?
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow you to take it back.
If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.
Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.
If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.
Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed
The Form 1040X you need will not be available until mid-March.
I forgot to file my 2020 unemployment 1099 g form. And the Irs has already approved my taxes.
What tax year? Now you say 2020? If you received unemployment in 2020 it was supposed to go on your 2020 tax return. You will need to amend your 2020 tax return to put a 2020 1099G on it. Please clarify what year you received the unemployment.
I filed my 2020 taxes before the exclusion for employment. I had federal taxes deducted from my UC. I still have not received a refund. How do I make the adjustment on an amended return? I can't figure it out on the Turbo Tax software!
Originally the IRS was correcting the returns already filed and issuing any refunds to the taxpayers. Did you receive the refund from the original filing of your return? If not, it is possible that the IRS has not yet reviewed and processed the update on the unemployment.
However, if you have already received your refund and it was not adjusted and you have not received any additional refund due to the adjustment for the unemployment, then at this point I would suggest that you amend your 2020 taxes to get the refund for the none taxing of the $10,200 of unemployment.