social security sent me a amended form saying they didn’t show all my benefits and amended the amount. I also paid taxes on my unemployment which now the Irs have changed and i can deduct 10200. should i amend my taxes now or wait and do both

Forum|Forum|5 years ago
March 31, 2021
4 replies
34 views

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Best answer by RayW7

It is likely the IRS will catch both of these errors and correct them for you. I would wait until the IRS has accepted your return.

If your return is accepted then you should file an amended return for the Social Security; however, regarding the unemployment exclusion you do not need to file an amended return for that issue.

The IRS has advised...there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.

-follow these links for additional information on amended returns-

How to Correct Federal Tax Returns - TurboTax Tax Tips ...

How to File an Amended Tax Return with the IRS - TurboTax ...

RayW7Answer

Alumni - Intuit

It is likely the IRS will catch both of these errors and correct them for you. I would wait until the IRS has accepted your return.

If your return is accepted then you should file an amended return for the Social Security; however, regarding the unemployment exclusion you do not need to file an amended return for that issue.

-follow these links for additional information on amended returns-

How to Correct Federal Tax Returns - TurboTax Tax Tips ...

How to File an Amended Tax Return with the IRS - TurboTax ...

bobsway99Author

Level 2

my tax return has already been accepted. so i should amend the social security amount and wait for the Irs to amend the unemployment taxes i paid

DianeW777

Alumni - Intuit

No, you should wait for the IRS to adjust your return for the unemployment compensation before filing the amended return. If you believe any of your social security income will be taxed, then amend the return.

You can prepare the amended return now to see if it's necessary and then wait to send it in until later.

Due to the time the IRS needs to process returns this year, you can periodically check for your IRS Transcript, using the link.