Question

How do I know if I need to ammend my return for the 2020 tax season?

Forum|Forum|5 years ago
June 3, 2021
1 reply
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I filed my return and got my my taxes back and then we recieved notice that fines are being waive for amending 2020 returns based on the law changing regarding unemployment during the pandemic. How do I know if I need to ammend my return and how do I know how much it will cost me?

TurboTax Deluxe Online

VolvoGirl

Employee

Amending is free.

If you have filed. The IRS will recalculate your return for the new 10,200 unemployment exemption for you. 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.

See IRS article May 14, 2021

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-exclusion-periodic-payments-to-be-made-may-through-summer

Do you need to amend your state return?

https://ttlc.intuit.com/community/state-taxes/help/do-i-need-to-amend-my-state-return/00/2134732