@Maharg wrote:
@macuser_22
Do you have a source for that first part? All I've seen is the IRS saying "don't file an amended return YET"and I've assumed that's because the tax software companies haven't rolled out their revisions yet, so it would just further gum up the works with incorrect filings.
I'm not saying you're wrong, I'm just curious.
https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021
The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time.
The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance.
I have not seen any thing official about " The IRS is looking to automatically apply the credit to taxpayers that have already filed without having to amend." part, but several news media is reporting that IRS has said that.
**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.**
