New covid bill being passed and unemployment

Forum|Forum|5 years ago
March 7, 2021
8 replies
30 views

I already filed my 20/20 taxes I got unemployment from March till the end of the year and I'm still on it I only had it earned income from January to March. now I hear that they're making a tax relief thing in the new bill that's being passed the next couple days and they're just talk about amending returns. I'm so confused I did free file through TurboTax so I don't feel like I have any help am I supposed to amend my return now or what

Not A Product Question

npierson777

Level 10

There is no guidance regarding the tax implications of the bill yet. Most likely you won't need to amend your tax return.

Kprig3Author

Level 2

Thank u for reply....But...Does the new bill state that $10,000 dollars of 2020 unemployment income will be not taxed?

DMarkM1

Level 15

The bill that is still with the House of Representatives does contain a tax break for the first $10,200 of unemployment benefits paid in 2020 for households with income less than $150,000. Once the bill becomes law then it will go to the IRS to figure out how to implement the provisions. It may require an amendment or the IRS may select the returns affected and send refunds. We don't know at this time.

Should you need to amend, the forms will be available in TurboTax mid to late March. You would simply select the "Amend" option at sign in to your account and follow the prompts to make the changes.

You will need to print, sign and mail amended returns to the IRS.

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