So depending on your filing status and whether you took the standard deduction or itemized your deductions last year, you may come out ahead of the game if this amount puts you over the standard deduction that you already claimed. Even if youn itemized last year, this figure may increase your itemized deduction figure to an even greater number thereby decreasing your taxable income . As a result, your overall taxes from last year would decrease and would serve you as a benefit. That all being said, you would file an amended return for last year.
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