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May 15, 2021
Question

e-filed om March 15 saying i owed 5787. Printed this morning and it printed that i had a 501 refund. I didn't change anything. Should I send the 5787???

  • May 15, 2021
  • 2 replies
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    2 replies

    Employee
    May 15, 2021

    Did you report a 1099-G for unemployment comp?  The program has been updated to reflect the new $10,200 deduction for that.  You generally do not need to amend for Federal.

     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 [unemployment comp] exclusion changed their income.  These taxpayers may want to review their state tax returns as well.

    IRS begins correcting tax returns for unemployment compensation income exclusion; periodic payments to be made May through summer | Internal Revenue Service

     

    Although your change is quite large, the Unemployment Exemption may have also changed your EITC or other tax credits.  See these re State:

    How is my state taxing unemployment income? (intuit.com)

    Do I need to amend my state return to update my un... (intuit.com)

    AmyC
    Employee
    May 17, 2021

    No. You qualify for a refund so payment is not due. You will need to file an amended return if you now qualify for credits that were not on your return. You may need to file a state amended return.

     

    You need to compare your current return to your original. If the credits were on your original return, the IRS will recompute it with the unemployment. If there are new credits, you must file an amended.

     

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