Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Everything I've read indicates that $10,200 of unemployment in 2020 could be excluded from income tax. Do we amend returns after this takes effect?

dndngh
Level 3
Will Intuit update the software?
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
BobKamman
Level 15

Chuck Schumer -- isn't he the guy who said he had no doubts that $400 a week would be approved for unemployment?

The Senate hasn't yet collated and stapled the amendments they made, to have something to send to the House.  As the saying goes, "Don't wet your pants."

View solution in original post

8 Replies 8
IRonMaN
Level 15

"Will Intuit update the software?"

Really?

ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
qbteachmt
Level 15

"The legislation differs in at least three major ways from the bill that passed the House of Representatives last week. The final Senate package will have to be approved again by the House before it can be sent to President Biden for his signature.

House Majority Leader Steny Hoyer said the House will vote Monday night on the rule laying out terms for the bill’s consideration, and the House will vote on Tuesday on the Senate-passed version of the bill.

Senate Majority Leader Chuck Schumer said he has "no doubt” Biden will sign the American Rescue Plan before the March 14 deadline."

I think you are a bit early on this. It ain't even over, yet.

*******************************
"Level Up" is a gaming function, not a real life function.
BobKamman
Level 15

Chuck Schumer -- isn't he the guy who said he had no doubts that $400 a week would be approved for unemployment?

The Senate hasn't yet collated and stapled the amendments they made, to have something to send to the House.  As the saying goes, "Don't wet your pants."

View solution in original post

nrosario
Level 1

The question is: do we need to submit tons of amends for previously filed taxes?  I heard in the news, we don't have to and the IRS will recalculate and send the extra refunds.  What is new?

0 Cheers
IRonMaN
Level 15

At this point, it sounds like the IRS is going to fix the returns without us lifting a finger.

ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
0 Cheers
nrosario
Level 1

That could be awesome, but the IRS has not posted anything yet.

0 Cheers
IRonMaN
Level 15

That's why I said "it looks like".  They have told everybody to hold their horses and not amend so we just have to wait and see.

ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
0 Cheers
dndngh
Level 3

Thank you for your comments. IRS will issue refunds as necessary.

0 Cheers