1) Yes, it might be a good idea to cancel your automatic payment with all the changes and the payment due date being extended to May 17th as well.
Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling. Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.
2)As of now please do not amend your 2020 tax return, the IRS will soon provide taxpayers with additional guidance what to do. If you want to receive updates then please sign up here.
"For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance." Please see IRS statement American Rescue Plan Act of 2021 for details.
3)You would still report the distribution of the excess contribution and earnings on your 2020 tax return.
4)Yes, if you MAGI is lower and allows you to contribute to the Roth IRA then you can still make contribution until April 15.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
