Hi folks. I filed my return (married jointly) before the American Rescue Plan Act was signed, my spouse and I both received unemployment benefits in excess of $10,200 during 2020.
Our daughter was born in 2020 so I need to claim the missed economic impact payments for eligible children ($500 from round one plus $600 from round two). When I try to amend my return through turbotax it automatically updates my additional refund for the new unemployment credit, however I have read that since the IRS is going to do this automatically I could drastically increase the time it takes to receive this refund by filing an amended return.
Will the IRS automatically include the missed economic impact payments along with the unemployment benefit refund? I don't want to cause undue delays by amending if I don't have to. My options are A). wait and see what the IRS does or B) roll the dice and amend now. If I choose the wait and see approach, will I miss the opportunity to claim the Recovery Rebate Credit if it takes longer than the May 17th deadline? What say you wise community members?
