@Jakemcsally wrote:
I've filed my taxes on March 5th before the bill was passed and owed money to thr IRS due to the unemployment bemefits I've received. Do i need to amend my tax return once Turbotax implements this deduction? I assume I'd be due a refund if I'd be taxed less on my unemployment benefits, thanks.
The IRS requests that you do not file an amended tax return for the unemployment compensation exclusion at this time.
IRS website - https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021
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.
