topic How do we enter the new tax breaks if we already filed our 2020 return? Do we need to do an amended return? in After you file

How do we enter the new tax breaks if we already filed our 2020 return? Do we need to do an amended return?

anjach13 — Sun, 14 Mar 2021 21:58:13 GMT

Re: How do we enter the new tax breaks if we already filed our 2020 return? Do we need to do an amended return?

SweetieJean — Sun, 14 Mar 2021 22:26:49 GMT

Not just yet. See this:

Cooling Breeze For The Tax Season From Hell - IRS Does Not Want Amended Returns Right Away (forbes.com)

Re: How do we enter the new tax breaks if we already filed our 2020 return? Do we need to do an amended return?

Bsch4477 — Sun, 14 Mar 2021 22:26:54 GMT

We are all waiting for instructions from the IRS.

Re: How do we enter the new tax breaks if we already filed our 2020 return? Do we need to do an amended return?

xmasbaby0 — Sun, 14 Mar 2021 22:27:18 GMT

What tax breaks are you asking about ? Most are for 2021. If you got unemployment:

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

Re: How do we enter the new tax breaks if we already filed our 2020 return? Do we need to do an a...

DavidD66 — Sun, 14 Mar 2021 23:25:28 GMT

Do you need to Amend? Not yet. From the IRS:

The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time.

The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. 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.