@amt2020 wrote:
@Hal_Al wrote:
The IRS has provided instructions. TT hasn't said when they'll be ready.
https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...
Thank you for providing that link. So it looks like in a simplified version of all those worksheet instructions, the $10,200 unemployment exemption will basically reduce the amount that gets entered on line 8 of form 1040, and everything else that is affected by that change will calculate out accordingly.
I guess now my question is more about how this change will affect my own situation. To recap: I already filed my taxes before knowing anything about this exemption and I owed over $1,000 which then triggered quarterly estimated tax payments for 2021 and I was charged a penalty for my 2020 taxes being so high. Do any of you super helpful and experienced tax experts on this thread think that if it comes down to me filing an amended return once it is available, if the new outcome is that I now do not have to make estimated tax payments or pay a penalty, will that amended return completely supersede the original one I filed and become my "official" return with the IRS? I guess I am worrying about there being conflicting returns in my name, first with quarterly estimated tax payments being due in 2021, and then an amended return without them, and will there be any problems if I don't send in the first estimated payment which my original return said was due on April 15th??
According to the IRS article, that would need to either be reported in the original tax return or an amended tax return, once it is incorporated into the software.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
