topic Tax Law Changes after filing in After you file

Tax Law Changes after filing

RobC6 — Tue, 09 Mar 2021 00:14:53 GMT

What if the tax law changes after I file; will the IRS recalculate or do I need to amend?

For example if a percentage of unemployment income is considered not taxable.

Thanks

Re: Tax Law Changes after filing

xmasbaby0 — Tue, 09 Mar 2021 00:17:09 GMT

That tax law has not yet been signed into law by the President. When that happens then the IRS will need to change the tax forms, the programmers have to change the software, and then the IRS has to approve of their software. That will take time---we do not know yet when all of those changes will be accomplished. As soon as more is known, TurboTax will provide information. The software changes will take weeks or even several months.

Re: Tax Law Changes after filing

RobC6 — Tue, 09 Mar 2021 00:22:28 GMT

Thx. I get the timing problem. So does that mean that I'd have to amend my return when(if) the new forms/software is available, and get refunded based on the amended return?

Thanks

Re: Tax Law Changes after filing

xmasbaby0 — Tue, 09 Mar 2021 00:53:31 GMT

Maybe. We truly do not know yet. All we can do is speculate until the law is actually signed and they release details and guidelines.

Re: Tax Law Changes after filing

deir64 — Wed, 31 Mar 2021 14:58:16 GMT

So I see that the new tax law is official. Now I get money back instead of having to pay. Do I need to amend my taxes or how will this happen. I filed my taxes at the end of February.

Re: Tax Law Changes after filing

JotikaT2 — Wed, 31 Mar 2021 15:05:58 GMT

It depends.

If you filed a tax return that had unemployment income reported, you should not file an amended return. The IRS will be adjusting the amount of tax due on that $10,200 and will be processing refunds from the tax return as originally filed.

Unemployment claimed on returns already filed

Please refer to the link below for additional updates if your return is affected by the latest IRS changes in unemployment income.

Unemployment income relief updates

If you are trying to amend your tax return for something else, please comment with the reason so we can assist you.

@deir64