The IRS is issuing automatic refunds beginning in May. Most people will not have to do anything.
The IRS will recalculate in two phases, starting with taxpayers eligible for the $10,200 exclusion. Next comes married filing jointly taxpayers who are eligible for the up to a $20,400 exclusion and others with more complex returns.
There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.
For example, the IRS can adjust returns for those taxpayers who claimed the Earned Income Tax Credit (EITC) and, because the exclusion changed the income level, may now be eligible for an increase in the EITC amount which may result in a larger refund.
However, taxpayers would have to file an amended return if they did not originally claim the EITC or other credits but now are eligible because the exclusion changed their income.
Check your state refund. If that box has changed, you may be entitled to money back from your state.
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