Question

Will I have to file an amended return for 2020 Taxes if the new COVID relief bill is signed into law by President Biden this week?

Forum|Forum|5 years ago
March 11, 2021
2 replies
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I received unemployment, the bill includes a provision that would make the first $10,200 received from unemployment benefits to be non-taxable. Does this mean I will have to file an amendment?

TurboTax Deluxe Online

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xmasbaby0

Employee

AFTER the new bill is actually signed into law, we will find out more about how it will be implemented. Until then we cannot tell you if you need to amend--- or how soon to amend if necessary.

It can take weeks to several months or more for the changes to be made to tax software. First the IRS has to change its forms. The tax software has to be changed; the IRS has to test and approve of the software. Do not expect changes in the software to happen quickly. TurboTax may have more information in the near future AFTER the bill is signed into law, and some more details emerge about how Congress and the IRS will implement the changes.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Employee

You will be able to amend the 2020 tax return once all the rules and regulations have been codified by the IRS.

After the legislation has passed Congress and after the President has signed the legislation and after the IRS has written the rules, regulations and procedures. And after the IRS has changed any forms or schedules to accept the tax code changes. And after the IRS has approved the changes in the TurboTax program that apply to the tax code changes, then it will be available for the users of the tax preparation software.

This can take anywhere from several weeks to several months before it becomes available.