- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I agree 100% with you that this is what the IRS has said will.
At the same time I encourage folks to add the exclusion to your existing return, save it under a new file name and let TurboTax calculate your adjusted refund/payment.
Then you will know if the IRS made the correction and did so correctly :0). I’m a cautious person in this area and wouldn’t leave it to the IRS to get thing right. BUT if you unfortunately discover an error on the IRS’s part, be patient and don’t rush filing a 1040X. The IRS may offer other solutions later this year.
If you are lower income and/or have kids in college, you are the exception to the rule. If your UCE brings your income low enough to qualify for refundable credits like the Earned Income Credit, American Opportunity Credit or Retirement Contribution Credit then as of now you will need to file an amended return.