Need to file amend tax for 2020 or not

[Sakuramama]

when I checked IRS transcript they already adjusted AGI which is about $21,000. We have filed tax for married jointly. But I don’t see any unemployment refund amount on transcript yet. They have posted code 290 on 8/30. Do I get unemployment tax refund? Do I have to file amend tax???

[conniem123]

Hello Sakuramama

I understand you filed your 2020 tax return prior to the American Rescue Plan being signed that excluded a portion of the unemployment compensation from taxable income.

First, you'll want to review your return and confirm you included the unemployment compensation on your tax return. It would appear on your 2020 Schedule 1 Line 7. If it was included, and no exclusion on your 2020 Schedule 1 Line 8, then you do not need to amend, the IRS is automatically adjusting the returns.

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-d-amended-return-fo...

The IRS has said that payments will continue "throughout the summer," which means that unless we hear something else, payments could continue through September 22nd.

The code 290 on your tax transcript  usually appears on your transcript if you have no additional tax assessment.

Here is a link to check the exclusion amount you would be eligible.
https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-b-calculating-the-e...

I hope you find this useful!

[Sakuramama]

Thank you for your response.