Was wondering when the revised 1040's would be available? I had filed my federal prior to the Unemployment (tax break) and it shows now that I will be receiving an additional refund which will be handled by the fed and dispersed sometime in May. However regarding the (State) I need the revised 1040 because it will make a significant adjustment to what I originally owed. I have not filed my state as of yet so I need the revised 1040 to enter the proper info. to receive the proper adjustment.
Any update appreciated and thanks,
Jim. TurboTax has been updated to reflect the exemption for the first $10,200 of unemployment benefits for households with income less than $150,000.
There is no revised Form 1040. The exemption shows up as an adjustment on Schedule 1.
Check with your state before filing. Many states have NOT issued guidance on how they want to handle the adjustment, i.e. when and if you should file an amended state return at this time. You can link to you state website here.
Well that's where the problem lies within. When I click on the tab to get the amended (1040) Turbo Tax shoots back a message that states "Your return isn't ready to be amended yet" followed by some info. that states that the IRS is updating information including unemployment and that they will update us once they get IRS guidance. So I have no adjustment on Schedule 1.
Any ideas on how to proceed or am I just awaiting the gov and TT to update?
I'm in Illinois so technically I have to May 17th to file my state, just looking for some clarity however.
The unemployment adjustment is available on the federal returns in TurboTax but not on all of the state tax returns. So, it will be best to wait until you don't see that error message in TurboTax to file your state tax return.
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