2020 Amendment due to Unemployment changes

Forum|Forum|5 years ago
March 12, 2021
2 replies
14 views

I just found out that

The first $10,200 of unemployment payments are now tax-free for households with an annual income under $150,000 and I have already filed and rec'd refund for Federal but owe the State - can I still Amend, which I believe will change my Taxes for the better.

I need a 1040X form which appears may be available on March 25, 2021, should I wait for more IRS info to come?

xmasbaby0

Level 15

Please wait for more information.

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.

It can take weeks to several months or more for the changes to be made to tax software. First the IRS has to change its forms. The tax software has to be changed; the IRS has to test and approve of the software. Do not expect changes in the software to happen quickly. TurboTax may have more information in the near future AFTER the bill is signed into law, and some more details emerge about how Congress and the IRS will implement the changes.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**