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wesleywoodall
New Member

Need help

I am self employed and I've already filed my returns. But now there are new tax reliefs for unemployment benefits. What do I do?

3 Replies
CatinaT1
Employee Tax Expert

Need help

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. 

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m... 

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wesleywoodall
New Member

Need help

Will the IRS or turbotax let me know the difference in amount through email or anything?

AmyC
Employee Tax Expert

Need help

The IRS will give you money. If you want to know ahead of time, save your tax return. Then click add a state to get you into your tax return. Look at the new amount and compare it to the original. Before you do that you may need to amend your state return. See Do I need to amend my state return to update my unemployment?

 

If your tax return contains unemployment and a credit, the IRS will adjust both. See IRS to recalculate taxes on unemployment benefits; refunds to start in May  If your return has unemployment but you now qualify for an additional credit, then you should amend your return.

 

Here are some credits for which you may now qualify:

 

 

Once your original return is accepted and the finances are settled, you can file an amended return. 

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