A lot of people need to amend for something else rather than unemployment. But because they have "unemployment compensation" within their return, TurboTax and the IRS are making them wait as well. What if new calculations make people eligible for the stimulus check and because we are not allowed to amend, we miss out on that?
I recommend waiting to ensure you don't have to file another amended return after amending. The IRS is issuing guidance based upon all of the latest changes but as taxes can be complex, there are many layers that are affected. Therefore, even if you were to amend your return now and mail it in, there is a high likelihood that you will need to amend again since the IRS has not issued official guidance on the remaining forms affected.
You will not miss out on the latest stimulus payments. If once everything has been updated, you determine you were eligible for the third stimulus payment, the IRS will either issue you the payment based upon your amended return or you will be able to claim the Recovery Rebate Credit on your 2021 income tax return.
Recovery Rebate Credit for 2021 tax return
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