For those taxpayers who already have filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation and tax. Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed. You can wait for the IRS to calculate the new amount of tax owed, but that might not be until after the May 17 due date. You could determine the new corrected amount you owe by preparing an amended return. Do not file the amended return, just use it to determine the new amount owed.
How do I amend my 2020 return?
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