Natalie A
Employee Tax Expert

Get your taxes done using TurboTax

My pleasure Romeo, glad to help. Hi Lulu, the IRS advised taxpayers who are eligible for the unemployment exclusion that they would NOT need to amend their 2020 return, that the IRS would recalculate the return and any resulting overpayment would be sent as a refund to the taxpayer.   As a side note, there are situations were an amendment would be applicable. If the Unemployment Exclusion of up to $10,200 in unemployment compensation would now make you eligible for a credit or deduction not claimed on your original return, in that case the taxpayer would amend. The IRS has a frequently asked questions page related to this and gives examples of situations where the taxpayer would need to amend. See Question 2 Unemployment Exclusion FAQs, Amended Return 

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