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When to Amend a 2020 tax return?

jeanmarc
Level 3

I want to know if we should Amend this return or wait for IRS to send our client a letter about it. Long story short, due to some confusion, we accidentally e-filed a return without entering the income amount on a 1099-G (Unemployment compensation). After entering income amount on the 1099-G, the client's Federal tax Refund amount does not change. Therefore, I am wondering if we should Amend now or wait for contact from the IRS to the client.

FYI: The State was rejected so I was able to correct the 1099-G for that and retransmit the State with the correct information.

Thanks in Advance!

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7 Replies 7
dkh
Level 12

Are you aware of the recent changes regarding unemployment wages ?  

jeanmarc
Level 3

Yes, has ProSeries been updated with this information?  I'll have to look at the tax because I think in his case he is getting a full refund of his Federal taxes paid anyway.

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dkh
Level 12

I wouldn't amend unless the unemployment exceeds the exclusion amount. 

jeanmarc
Level 3

Thanks, I checked the tax this morning and it does exceed the exclusion amount. I'll reach out to the client about amending. It appears ProSeries is no updated for the $10,200 unemployment exclusion amount, am I correct?

 

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dkh
Level 12
Not yet
jeanmarc
Level 3

Yes you're right, my confusion. Thanks!

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clr600
Level 7

1040X will not be available until 3/18