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Covid Relief Bill Unemployment Tax Changes - Already Filed

Forum|Forum|5 years ago
March 11, 2021
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So, I am now seeing that there will be a $10,200 unemployment tax waiver/credit/deduction (I am unclear on which is the specific correct phrase) - If I was temporarily on unemployment but have already filed my 2020 taxes (and received my return) am I simply SOL?

Am I able to file an amended return through turbotax, and has turbotax already added/adjusted to account for this deduction/waiver? If I am understanding it correctly, because I had withholdings taken out of each unemployment check, this could actually increase my refund rather significantly, so I am hoping to get some answers here as I have been unable to find any elsewhere.

Best answer by DoninGA

You will be able to amend your 2020 federal tax return to include the unemployment exclusion, but not right now.

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.

DoninGAAnswer

Employee

You will be able to amend your 2020 federal tax return to include the unemployment exclusion, but not right now.

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.