If American Rescue Plan makes $10,200 of UEC in 2020 tax free, and I get a new 1099-G, how do I amend return in TurboTax?

[holl22]

it's been updated. you should be all set. just log in and click on "Review" .  It was updated in the last few hours I believe.

[jtm194]

I do not see any update for the $10,200 exception for unemployment.  Am I missing something?  I did check for updates and also the review.  I am not seeing any change.  I am waiting to file and the total is under the $150,000.  Help?

I am very disappointed that TurboTax has not kept us informed better on this situation.  

Thanks!

[holl22]

When I logged in and clicked on review, I immediately noticed a nice change in my federal refund. There was a message in the middle of the screen stating updates were made and I can go ahead and file. Sorry you are still having trouble. 

[NewYorkTaxpayer]

Maybe that change was made for the online version of TurboTax -- but at least on the Windows version, the only thing that happens when you click Review is you get the following message: "You qualify for new benefits.  You get additional tax relief as part of the American Rescue Plan because you told us you received unemployment or took an advance premium tax credit.  Here are your options:  - Wait to file while we work to include these federal and state benefits on your return.  We'll save your return and notify you by email once everything's ready -- OR file now and wait for an update from the IRS on how to claim your additional benefits"

[Critter-3]

If you have not yet filed then review the entire return carefully ... look at the Sch 1 line 8 for the negative amount.   If you have a state return then that may take more time to get updated.

If you have already successfully efiled the IRS says to NOT NOT NOT amend the return as they plan to make the corrections themselves.  Until further instructions are posted just WAIT.  

[NewYorkTaxpayer]

I'm curious if the IRS will re-do the entire return.. In my fiancee's case, the change not only reduced her tax liability for the amount of unemployment she received -- but it also made her eligible for the EIC credit as well.. We filed for her last month and she already received her refund, so we'll wait and see what happens.

[MichelleLM]

I am just really kicking myself for filing early.  We have already scheduled to pay in $1,200 on 4/1, and with this change should instead be getting a refund of $2,000.  (Has to do with the kiddie tax for my 2 college age dependents.)  So I guess I have to wait for the 4/1 payment to go through and then wait for a refund of $3,200.  I am stressed trying to figure out if I should try to reschedule the $1,200 payment to go through sooner, to make sure the refund doesn't get held up.  But then tell myself the IRS probably won't move that fast on the automatic refund.  Anyone else in this situation and have any different insight?  

[jtm194]

Thanks...I did see that after I first posted.   I did not file prior to the passing of the bill because I knew it would effect my taxes.  Also, I buy the TurboTax Deluxe program every year and download the program and run on Windows.

[holl22]

That is possible... I use the online version. And am waiting to file  to see if the state makes any changes. 

[Critter-3]

@MichelleLM 

STOP the payment ...    

Cancellations, Errors and Questions:

• In the event Treasury causes an incorrect amount of funds to be withdrawn from a bank account, Treasury will return any improperly transferred funds.
• Once your return is accepted, information pertaining to your payment, such as account information, payment date, or amount, cannot be changed. If changes are needed, the only option is to cancel the payment and choose another payment method.
• Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling.
• Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

[MichelleLM]

@Critter-3 

Thank you.  But my understanding is that because we already filed the return, we have to make the payment that they show is due.  ??  I agree with what one of the other participants said - it would be nice to get some guidance from the IRS or TurboTax.

EDIT:  I suppose it would't hurt to call that number and see what they recommend for my situation.  It's worth a shot.  Thanks!

[Noleor1st]

While I still wait my stimulus check (unusual it hasn’t been processed/deposited already). I read that the IRS said for now as those who filed already will be fixed on their side without us needed to amend.  But that’s for now.  Waiting for more updated information.  

[Mullindw]

I have the Windows version and you are right that it says that we may have more deductions coming due to the ARP but it says nothing else about it just about Self employment tax deferment when you hit review.   What I have noticed is sometimes turbo tax will go through an update which is what I am expecting but it does not happen.  There has been zero communication- email so that is not accurate for at least me.  There must be better programs or I will just paper it myself.  It should not be allowing me to file a return that is in error and it would,  just so I would have to amend it.  They should be freezing all returns involving unemployment until they get their software straight.  We are paying for the software and it is currently not up-to-date.  My grade right now for Turbo tax in  dealing with this is a "F".

[Mullindw]

NO IT HAS NOT BEEN as on 3/21.  I even removed and reinstalled the CD for 2020 Home and Business Windows and it went through the updates.  No update.  If I was doing a paper form like I used to, it would be done using the instructions from the IRS.  I put my name on a sign up list for TT to notify me when it is updated.  Most concerning is that TT will still let you file if you have unemployment$ even when they know it is now wrong.  I now have little confidence when they say it is accurate.  We were audited last year because TT said to file to health care forms and only one had to be filed,  not both.  My son finally got his tax return in Dec of 2020 after IRS fixed it. 

[DaveF1006]

It should be updated soon. It has been updated in Turbo Tax Online but they are currently working on the updates in the software. Unfortunately, there is no ETA when it will be complete but they are diligently working on it.