AnnetteB6
Employee Tax Expert

After you file

That is not necessarily true.  If you had any Federal taxes withheld from the unemployment, then you would definitely want to amend your return to include the income and withholdings because the amount withheld should add to your refund. 

 

You may also want to amend your return so that everything has been reported to the IRS as it should have been even if the income will not be taxable.  In the eyes of the IRS, you received income that has not been reported on your return.  That can be a bad thing that may generate a letter from the IRS in the future.  

 

That being said, given the recent changes in the tax law, wait a while before you amend your return.  There is no rush because you have up to three years to amend a return you have already filed.  Plus, it is better to wait right now because the IRS has not issued its final guidance about how to handle the recent changes and whether amended returns will be required in that situation.  Let things settle down first and then amend your return to include the income that was not originally reported.  

 

Keep an eye on new information in the following articles:

 

How will the third stimulus impact me?

 

IRS Statement - American Rescue Plan Act of 2021

 

 

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