@DoninGA wrote:
@struggling_artis wrote:
hi, thank you for your quick reply.
so the turbotax adjustment would not make the April 15th tax filing deadline this time, so i should file 2020 tax now anyways, am i correct?
are we going to get the refund for $10,200 of 2020 tax-free unemployment sometime in the future separatedly?
In my opinion you should go ahead and file now. The unemployment compensation relief probably will not be finalized any time soon. You will be able to file an amended tax return once everything has been finalized to get a refund based on unemployment compensation which is not taxable.
I would actually take the opposite view. If you are not depending on your refund and can afford to wait, and have not filed yet, I would wait until the law is signed (if it is) and see what the IRS says. They might change their forms for late filers, in which case getting all your refund 2 months late is probably better than getting half now and half in 9 months.
It's also possible the IRS might announce a procedure that would allow people to claim an adjustment on their 2021 tax return, or that the IRS would perform the adjustments themselves (although I think this is the least likely option for various reasons.)
If you decided to wait, I would be careful of the April 15 deadline and be prepared to file an extension if needed.
