No, you do not need to amend your return to receive the third stimulus payment. The third stimulus payment is issued separately by the IRS.
The third round of Economic Impact Payments (EIP3) will be based on the taxpayer's latest processed tax return from either 2020 or 2019. If the IRS has received and processed a taxpayer's 2020 return, the agency will instead make the calculation based on that return.
You can check IRS Get My Payment for details.
- If you have an adjusted gross income (AGI) under $75,000 ($150,000 married filing jointly), you will be eligible for the full $1,400 stimulus payment.
- Payments will begin to be reduced for individuals making $75,000 or above in AGI ($150,000 for married filing jointly.)
- Once your AGI reaches $80,000 for individuals ($160,000 married filing jointly) you will be ineligible for a payment.
"Unlike the first two payments, the third stimulus payment is not restricted to children under 17. Eligible families will get a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents and grandparents" (IRS).
Please see How will the third stimulus impact me? for more information.
If you are talking about the changes with unemployment compensation, then you also do not need to amend your return.
"If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you." (IRS)
If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.
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