Turbotax unemployment update twitter12/5/2023 ![]() ![]() I have not seen any thing official about " The IRS is looking to automatically apply the credit to taxpayers that have already filed without having to amend." part, but several news media is reporting that IRS has said that. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. I'm not saying you're wrong, I'm just curious. We believe that we will be able to automatically issue refunds associated with the $10,200.”Įdit: was replying to was asking about guidance on amending or not, if someone's already you have a source for that first part? All I've seen is the IRS saying "don't file an amended return YET"and I've assumed that's because the tax software companies haven't rolled out their revisions yet, so it would just further gum up the works with incorrect filings. Do not expect changes in the software to happen. The tax software has to be changed the IRS has to test and approve of the software. It can take weeks to several months or more for the changes to be made to tax software. “We believe that we will be able to handle this on our own. TurboTax will update the software for the unemployment but there is no timeline yet. “Do not file an amended return at this time,” Rettig told a congressional panel on Thursday. Taxpayers who have yet to submit their returns also have an additional month, until May 17, to file this year. The automatic refund will mean that many recipients of unemployment benefits who have already filed their returns for 2020 won’t have to take extra steps to reclaim the taxes they paid but no longer owe - on as much as $10,200 of jobless benefits. (Bloomberg) - The Internal Revenue Service will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said. Bloomberg: IRS to Automatically Process Refunds on Jobless-Benefit Payments (msn.com) ![]()
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