If I owe taxes due to unemployment income, should I wait to file my taxes?

Even if it means filing an extension

posted

Nobody knows until the IRS writes the rules:

The $10,200 unemployment retroactive to 2020 was just signed into law. Now the IRS is responsible for writing regulations and rules for claiming it. Once the rules are written then if new forms will be needed the IRS must develop those. Then get the form specifications to software providers to develop their software. The IRS then must conduct tests with the software providers to be sure it is all comparable.

That process can take several weeks to several months. Do not look for anything soon.

(As a reference, the COVID CARES Act was passed in March of 2020 and the IRS released the forms to report it in February 2021 - 11 months later.)

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**