If you have already filed your 2020 Form 1040 or 1040-SR, you should not file an amended return at this time. The IRS will issue additional guidance as soon as possible. DO NOT AMEND.
See this link for more IRS information: IRS Unemployment Exclusion
As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments may now be tax-free for a person with an annual modified adjusted gross income of less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020.
If you haven't filed your return yet, go ahead and do so. TurboTax is up-to-date with the latest federal changes. Check your state's updates here.
If you've already filed your return, the IRS says you don’t need to do anything to take advantage of this benefit. They've assured us there's no faster way to get any additional money you are owed. In fact, amending your return could delay your payment.
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