topic Should I file an amended return due to a corrected 1099 Unemployment form? in After you file

Should I file an amended return due to a corrected 1099 Unemployment form?

axb13 — Sat, 27 Mar 2021 16:38:37 GMT

I recently received a corrected 1099-B form from my State unemployment office with a correction of slightly over $2000 in additional unemployment income that I did not have taxes withheld on. I understand that we are supposed to hold off on filing or claiming the $10,200 relief credit - however this is money in addition to already being over that number in unemployment income for the year. Should I amend now to adjust this number, or still hold off until further guidance comes in regards to unemployment relief?

Re: Should I file an amended return due to a corrected 1099 Unemployment form?

KathrynG3 — Sat, 27 Mar 2021 17:01:32 GMT

Since you have more income to report and are over the unemployment income forgiveness of $10,200, yes, amend the return.

To do this in TurboTax, follow these steps:

To Amend(change) your 2020 TurboTax Online return, follow these steps:

Open the return--you will be at Tax Home.
Scroll down to Your tax returns & documents and Show.
Select 2020, and Amend(change) return.

Only after the amend process has been started, then, navigate to the SSA-1099 section.

To enter the additional Form 1099-G in TurboTax, follow these steps:

Inside TurboTax with your return open, enter 1099g in the search box.
Select the Jump to link in the search results.
Enter your details.

Amending 2020 electronically is available, which will simplify this process. However, unless you live in Georgia, Michigan, New York, or Vermont, any state amended return must be paper filed.

Re: Should I file an amended return due to a corrected 1099 Unemployment form?

axb13 — Sat, 27 Mar 2021 17:17:26 GMT

Thank you for all of the info, @KathrynG3 ! Just to be clear, because I received more unemployment income than the relief credit will cover - I should make sure to adjust this now and not wait for the new guidance on unemployment to be released, as this is money beyond what that will affect? Sorry if I'm just confusing the matter. I talked to someone on support who told me to hold off - but I don't think they realized this piece of it. Thanks again!

Re: Should I file an amended return due to a corrected 1099 Unemployment form?

ColeenD3 — Sat, 27 Mar 2021 18:16:18 GMT

This is a different situation. You received more than the exclusion. You should report it by May 15. However, it can't hurt to hold off a little, as long as you know you will file your 1040x by then.